aberdeennewindia.co.uk
Aberdeen New India
Investment Trust PLC
(formerly abrdn New India Investment Trust plc)
Seeking world-class, well governed companies
at the heart of India’s growth
Annual Report
31 March 2026
For more information visit aberdeennewindia.co.uk
aberdeenplc.com
Aberdeen New India Investment Trust PLC Annual Report 31 March 2026
“Favourable demographics, ongoing policy
reform, rising aspirational consumption,
infrastructure development and urbanisation,
accelerating digital adoption, and progress in
energy transition all support our continued
confidence in India’s growth story.”
David Simpson, Chairman
“The portfolio continues to own high-quality stocks.
While style rotation and market crosswinds have
weighed on returns over the year, the
underlying strength remains intact.”
James Thom and Rita Tahilramani
abrdn Asia Limited, Investment Manager
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Aberdeen New India Investment Trust PLC 109
Directors
David Simpson (Chairman)
Andrew Robson (Chairman of the Audit Committee and
Senior Independent Director)
Irina Miklavchich (Chair of the Management Engagement
Committee)
Francesca Ecsery
Company Secretaries
abrdn Holdings Limited
1 George Street
Edinburgh EH2 2LL
Registered Office and Company Number
Aberdeen New India Investment Trust PLC
280 Bishopsgate
London EC2M 4AG
Registered in England & Wales under company
number 02902424
Website
aberdeennewindia.co.uk
LinkedIn: Aberdeen New India Investment Trust PLC
Points of Contact
The Chairman or Company Secretaries at the
Registered Office of the Company.
Email: new.india@aberdeenplc.com
Legal Entity Identifier
549300D2AW66WYEVKF02
United States Internal Revenue Service
FATCA Registration Number (“GIIN”)
U2I09D.99999.SL.826
Alternative Investment Fund Manager
abrdn Fund Managers Limited
280 Bishopsgate
London EC2M 4AG
Authorised and regulated by the Financial Conduct
Authority
Investment Manager
abrdn Asia Limited
7 Straits View
#23-04 East Tower
Marina One
Singapore 018936
Registrars (for direct shareholders)
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
Telephone: 0370 707 1153
(Lines are open Monday to Friday from 8.30am – 5.30pm,
excluding public holidays in England & Wales. Charges for
‘03’ numbers are determined by the caller’s service
provider. Calls may be recorded and monitored randomly
for security and training purposes.)
Website: uk.computershare.com/investor
E-mail is available via the website
Independent Auditor
Deloitte LLP
9 Haymarket Square
Edinburgh EH3 8RY
Depositary
BNP Paribas SA, London Branch
10 Harewood Avenue
London NW1 6AA
Additional Shareholder Information
Aberdeen New India Investment Trust PLC 1
2 Aberdeen New India Investment Trust PLC
Why India?
India combines one of the world's fastest-
growing major economies with powerful
long-term structural growth drivers
including rising affluence, financial
inclusion, digitalisation, urbanisation,
healthcare demand and the
energy transition.
Domestic consumption and investment
underpin a resilient growth model that
is less dependent on external
economic conditions.
Supported by ongoing reforms and
infrastructure investment, we believe
India remains one of the most compelling
long-term growth opportunities within
global equity markets
Why Aberdeen New India
Investment Trust PLC?
We seek to invest in high-quality Indian
companies with strong competitive
positions, capable management teams
and good long-term growth potential.
Supported by over 30 years of experience
investing across Asia and extensive local
research capabilities, we take a disciplined
approach, focusing on individual company
characteristics rather than simply
following the market. We build a focused
portfolio of our strongest ideas, rather than
simply tracking an index.
We also engage actively with the
companies in which we invest,
encouraging strong governance,
responsible business practices and
sustainable long-term value for
shareholders.
Why now?
We believe India remains one of the most
compelling long-term growth opportunities
in global markets.
Company profits are expected to
continue growing, supported by
favourable demographics, increasing
consumption, ongoing investment and
long-term economic reform.
Following a period of strong market
performance, share prices are now more
reasonably priced, providing an
opportunity to invest in India's long-term
growth potential at a more attractive
entry point.
Combined with strong domestic demand
and relatively low levels of overseas
ownership, we believe the outlook for
Indian equities remains positive.
Where are we finding the best opportunities?
Aspiration
Rising affluence in India is leading to fast-growing premium
consumption in areas including financial services, autos, food,
and personal care.
Financialisation
Digitalisation is enabling the delivery of financial services to
India’s under-served mass market and driving participation in
capital markets.
Building India
Urbanisation and the current boom in infrastructure development
is benefitting property developers, materials producers and
industrial/utilities stocks
Healthcare
Rising disposable income as well as an increase in
chronic diseases are driving demand for preventative
and premium quality healthcare.
Digitalisation
India’s digital public infrastructure and biometric universal ID
system has created the backbone for digitalisation of services.
More and more internet companies and fintech businesses are
now coming to the market.
Energy Transition and Security
Policymakers are committing to a greener and lower carbon
future. In our view, plays on renewable and cleaner energy,
related infrastructure, and environmental management
have a bright future.
Aberdeen New India Investment Trust PLC 3
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Financial Highlights
31 March 2026 31 March 2025 % change
Share price 640.00p 756.00p –15.3
Net asset value per Ordinary share
A
707.61p 889.34p –20.4
Discount to net asset value
A
9.6% 15.0%
Equity shareholders’ funds (net assets) £311,010,000 £425,599,000 –26.9
Market capitalisation £281,292,000 £361,790,000 –22.2
Net gearing
A
1.5% 3.9%
Total (loss)/return per share (184.74p) 62.69p
Operating costs
Ongoing charges ratio
A
0.97% 0.95%
A
Considered to be an Alternative Performance Measure. See pages 90 to 92 for further information on the calculation of these Alternative Performance Measures.
Performance (total return, in Sterling terms)
1 year 3 year 4 year 5 year 10 year
% return % return % return % return % return
Share price
A
–15.3 +25.0 +13.9 +18.1 +104.8
Net asset value per Ordinary share
A
–20.4 +10.3 +1.5 +12.9 +95.8
Adjusted net asset value per Ordinary share
AB
–20.3 +17.4 +7.4 N/A N/A
MSCI India Index (sterling adjusted) –13.9 +16.5 +9.6 +35.8 +141.1
A
Considered to be an Alternative Performance Measure. See pages 90 and 92 for further information on the 1 year % return.
B
The NAV adjustment is made because the Company’s benchmark, the MSCI India Index, does not take account of the Indian Capital Gains Tax suffered by the Company. This
measure is also used for the performance related tender, as discussed in the Chairman’s Statement. See pages 90 and 92 for further information on the NAV adjustment.
Source: Aberdeen plc, Morningstar & Lipper.
Financial Highlights
and Performance
4 Aberdeen New India Investment Trust PLC
Overview
Financial Highlights and Performance 3
Strategic Report
Chairman’s Statement 6
Investment Manager’s Report 10
Investment Case Studies 16
Overview of Strategy 20
Promoting the Success of the Company 27
Performance 30
Portfolio
Ten Largest Investments 32
Portfolio 33
Sector Analysis and Sector Allocation 35
Currency Analysis 36
Governance
Board of Directors 38
Directors’ Report 40
Audit Committee’s Report 50
Directors’ Remuneration Report 54
Statement of Directors’ responsibilities in respect of the
Annual Report and financial statements 57
Independent Auditor’s Report to the Members of
Aberdeen New India Investment Trust PLC 58
Financial Statements
Statement of Comprehensive Income 67
Statement of Financial Position 68
Statement of Changes in Equity 69
Statement of Cash Flows 70
Notes to the Financial Statements 71
Alternative Performance Measures 90
Alternative Investment Fund Managers Directive
Disclosures (unaudited) 93
Corporate Information
Information about the Investment Manager 95
Investor Information 98
General
Notice of Annual General Meeting 102
Glossary of Terms 107
Additional Shareholder Information 109
Contents
Aberdeen New India Investment Trust PLC 5
Strategic
Report
6 Aberdeen New India Investment Trust PLC
Dear Shareholder
Following a positive performance for your Company in the
prior year, the year ended 31 March 2026 witnessed a
significant reversal of fortunes as growth slowed in India,
the rupee fell and market earnings multiples contracted.
The Adjusted Net Asset Value (see Glossary on page 107)
per share declined by 20.3% in sterling terms, compared
with a sterling-adjusted decrease of 13.9% in the MSCI
India Index (the “Benchmark”) while the share price fell by
15.3% over the year. The 13.4% decline of the rupee
against the pound had a big impact.
I am pleased to report that the discount to NAV narrowed
materially, from 15.0% at the end of March 2025 to 9.6% at
31 March 2026.
We should view these results in their wider context. Your
Company’s performance was not an isolated shortfall
within an otherwise buoyant market:
·
in the five years to 31 March 2025, Indian equities
delivered positive double digit returns that were, at one
point, among the best in emerging markets globally;
·
that phase came to a close in the year under review,
as a confluence of short-term factors unsettled
investor confidence amidst heightened volatility.
This included uncertainty surrounding US tariffs, a
slowing of economic and earnings growth momentum,
and sustained selling pressure from foreign
institutional investors;
·
market conditions showed early signs of improvement
at the start of 2026, reinforced by what appeared to be
a long-awaited breakthrough in US-India trade
negotiations announced in early February. At the
time of writing, however, that agreement remains
unsigned as a subsequent ruling by the US Supreme
Court against the tariff measures has reopened the
possibility of fresh negotiations;
·
market attention has since shifted to the conflict
between the US and Iran. For India, a net importer of
crude oil and liquified natural gas, the closure of the
Strait of Hormuz presented a significant challenge. The
situation appears to be easing at the time of writing but
uncertainty persists.
Chairman’s
Statement
Aberdeen New India Investment Trust PLC 7
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
The Investment Manager addresses these issues in
greater detail on pages 10 to 15. The portfolio has been
proactively adjusted to mitigate the downside risks. We
continue to believe your Company is well placed to benefit
as conditions stabilise and India’s long-term structural
growth drivers reassert themselves.
Your Board is working for you
Your Board is acutely aware of the importance of
delivering for our shareholders. Examples of our actions
are below:
We introduced a five-year performance-related
conditional tender offer mechanism in 2022
·
if the Company’s Adjusted NAV total return
underperforms the Benchmark total return over the
five-year period from 1 April 2022 to 31 March 2027, you
will be offered the opportunity to realise up to 25% of
your investment for cash at a level close to NAV.
·
for these purposes, the Company’s NAV per share is
adjusted for Indian capital gains tax (the “Adjusted
NAV”) to ensure a like-for-like comparison with the
Benchmark;
·
for the four years ended 31 March 2026, the Adjusted
NAV has delivered a total return of 7.4%, compared with
a total return of 9.6% for the Benchmark.
We monitor the discount of the Ordinary share price to the
NAV per Ordinary share and we buy back shares when we
believe that doing so is in your best interest, taking into
account the overall size of the Company
·
during the year, your Company bought back 3.9 million
(2025 – 4.3 million) Ordinary shares - this enhanced our
NAV per share by 0.74%.
We work closely with our Investment Manager to market
your Company
·
Our Manager arranges numerous promotional activities
and investor meetings throughout the year; and
·
we are delighted that Francesca Ecsery has joined our
Board, bringing with her a wealth of marketing
experience.
We authorise an appropriate level of gearing
·
we believe that employing a modest level of gearing
through the cycle contributes to returns and
differentiates your Company from our competitors.
We monitor your Company’s investment policy and change
it if necessary
·
we amended the investment policy, further details of
which may be found on page 8.
We believe that the above actions taken by your Board
have contributed to the material narrowing of the
discount over the year from 15.0% to 9.6%.
Gearing and New loan facility
On 19 June 2025, the Company entered into a new, three-
year, £30 million secured revolving credit facility with BNP
Paribas SA, London Branch at an interest rate which
represented a considerable saving compared to that
charged on the expiring facility.
As at 31 March 2026, £12.5 million (2025 - £19.5m) had
been drawn from the £30m bank loan provided by BNP
Paribas SA, London Branch, which resulted in net gearing
of 1.5% (2025 – 3.9%). The Board and Manager are
conscious of the interest cost of gearing and the level of
gearing is kept under regular review proactively, with the
amount of borrowing reduced over the year.
8 Aberdeen New India Investment Trust PLC
Investment policy change
On 25 September 2025, your Board announced a revision
to the Company’s investment policy. The limit for exposure
to an individual investee company has now been
increased to the higher of (i) 10% of your Company’s net
assets and (ii) the investee company’s Benchmark
weighting plus 3.5% (previously 2%), as measured at the
time of investment. The overall cap of 20% per individual
holding remains unchanged. This change enables your
Investment Manager to better reflect their conviction in
certain portfolio holdings, thereby improving portfolio
construction to enhance the long-term returns of
your Company.
Board
The Board announced on 22 October 2025, with great
sadness, that Rebecca Donaldson, an Independent Non-
Executive Director of the Company, had died after a short
illness. Rebecca made a substantial contribution to the
working of the Board which will stand the Company
in good stead in the future. The Board has lost a
gifted colleague.
Following a search for a new Non-Executive Director, the
Board announced, on 1 April 2026, the appointment of
Francesca Ecsery. Francesca brings to the Board over
30 years’ experience working in both blue-chip
companies and start-ups and has special expertise in
multiplatform consumer marketing, branding and
commercial strategies.
The thanks of the Board go to Michael Hughes, who retired
as Chairman of the Board and as a Director of the
Company on 31 March 2026. Alongside my appointment
as Chairman, on 1 April 2026, in succession to Michael
Hughes, Andrew Robson was appointed Senior
Independent Director while Irina Miklavchich was
appointed Chair of the Management
Engagement Committee.
Change of Name of the Company
On 28 November 2025, the Company changed its name
to Aberdeen New India Investment Trust PLC in order to be
consistent with the branding of the Manager’s parent
company, Aberdeen.
Annual General Meeting
The Company’s AGM will be held in the offices of
Aberdeen Group plc at 18 Bishops Square, London E1 6EG
at 12.30pm on Tuesday 22 September 2026. The AGM
provides shareholders with an opportunity to ask any
questions that they may have of either the Board or the
Investment Manager.
The Directors look forward to meeting as many of you as
possible at the AGM and at the lunch which will follow it.
Shareholders, whether attending the AGM or not, are
encouraged to submit questions for the Board and/or
Investment Manager, in advance, by email to
new.india@aberdeenplc.com
Aberdeen New India Investment Trust PLC 9
Articles of Association
The Notice of AGM (which may be found on pages 102 to
106) includes special resolution 12 which seeks the
approval of shareholders for the Company to adopt
updated Articles of Association. Further information on the
proposed changes is set out in the Directors’ Report, on
pages 48 and 49.
Online Shareholder Presentation
In order to encourage and promote interaction and
engagement with the Company’s shareholders, the
Company is holding an interactive Online Shareholder
Presentation (the “Presentation”) at 11.00am on 9
September 2026, to cater for those shareholders who
may be unable to attend the AGM. During the
Presentation, shareholders will receive a short introduction
from the Chairman and portfolio update from the
Investment Manager, followed by an interactive question
and answer session. The Presentation is being held before
the AGM in order to allow shareholders to submit their
proxy votes prior to the meeting, after hearing an update
on the portfolio and performance. Further information on
how to register for the Presentation may be found on the
Company’s website.
Outlook
While India’s long-term structural growth story remains
intact, the near-term outlook has become more
uncertain, not least as a result of the conflict in the Middle
East. Higher energy and gas prices weigh on India’s import
bill and place pressure on the rupee, while any prolonged
disruption to supply could have broader implications for
economic growth in the coming quarters. Much will
depend on the current diplomatic talks and duration of
this uncertainty, and the risk of renewed hostilities.
Looking beyond the immediate challenges, India’s
structural advantages remain compelling. Favourable
demographics, ongoing policy reform, rising aspirational
consumption, infrastructure development and
urbanisation, accelerating digital adoption, and progress
in energy transition all support our continued confidence
in India’s growth story.
Your Company’s portfolio remains firmly aligned with
these long-term drivers. With quality at the core of the
investment strategy, the Board retains confidence in the
Investment Manager’s ability to deliver sustainable returns
for shareholders over the long term.
David Simpson
Chairman
17 June 2026
10 Aberdeen New India Investment Trust PLC
It has been a challenging period for Indian equities, shaped by a
combination of domestic factors, trade-related uncertainty,
and, more recently, the conflict between the United States and
Iran, which has driven commodity prices higher.
Against this backdrop, performance was disappointing.
Over the year ended 31 March 2026, the Company’s
Adjusted NAV declined by 20.3% in sterling terms,
underperforming the MSCI India Index’s return (the
“Benchmark”) of -13.9% (both figures in total return
terms). This followed strong absolute and
relative performance in the prior year.
The decline in NAV over the year was mainly driven by a
broad market fall in share valuations and weakness in the
Indian rupee, the first of which had a larger impact on the
Company than on the Benchmark. This partly reflects the
portfolio’s focus on higher-quality companies that tend to
trade on higher valuations, but which we believe are
supported by strong long-term growth potential. In
addition, the depreciation of the rupee against sterling
further reduced returns for UK-based investors. Offsetting
this to some extent, the portfolio delivered relatively
stronger earnings growth than the Benchmark over
the period.
Brent Crude Oil prices soared
past $100 per barrel
50
60
70
80
90
100
110
120
December
2025
January 2026 February
2026
March 2026 April 2026
US$/bbl
Source: Bloomberg, April 2026.
Strait of Hormuz tanker traffic plummeted
0
200
400
600
800
1000
1200
1400
1600
1800
Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 April
MTD
Source: Aberdeen, Haver, Bloomberg, April 2026.
Investment
Manager’s Report
Aberdeen New India Investment Trust PLC 11
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Market review
As noted by the Chairman on page 6, India’s strong post-
pandemic performance moderated in 2025 amid a
combination of external and domestic pressures. Globally,
trade tensions escalated after the US imposed reciprocal
tariffs on major trading partners. India was initially
insulated, with key exports such as IT services excluded,
but subsequently tariffs of up to 50% were imposed on a
broad range of Indian goods. Negotiations on a trade deal
only reached a breakthrough in early February 2026,
which prolonged the uncertainty weighing on the equity
market and contributed to sustained foreign
institutional outflows.
Market sentiment improved towards the latter part of the
year under review, supported by better-than-expected
earnings and strengthening macroeconomic indicators.
This recovery was interrupted by the escalation of the
conflict in the Middle East, which triggered supply-chain
disruptions and a sharp rise in oil and gas prices, placing
fresh pressure on global risk assets. A prolonged conflict
risks higher inflation, margin compression and renewed
earnings downgrades, with weaker consumption and
rising fiscal challenges weighing on growth.
Markets crashed and then recovered
-16
-14
-12
-10
-8
-6
-4
-2
0
2
MSCI World MSCI Emerging Markets MSCI India
Source: Bloomberg, April 2026
Domestically, India’s FY2027 budget emphasised fiscal
consolidation and more conservative revenue
assumptions, alongside a rebalancing of capital
expenditure towards future growth sectors. The
government’s budgeted spending growth remains
broadly in line with nominal GDP growth. Along with
supportive monetary policy, these measures could
support a recovery in earnings growth over the medium
term, notwithstanding the ongoing geopolitical and
macroeconomic uncertainties.
12 Aberdeen New India Investment Trust PLC
India has policy legroom to support
the +6% growth rate
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
India China Brazil US Japan Emerging
Markets
2025 2026E 2027E
Source: IMF, April 2026
Note: India's fiscal ear begins on 1 April and ends on 31 March
Headline inflation rose in February and March 2026, driven
largely by food prices. While the initial impact of the Iran
conflict appeared contained, inflationary pressures are
expected to build in the near term, with the Reserve Bank
of India (“RBI”) continuing to intervene to smooth excessive
currency volatility. To that point, it is worth noting that
inflation in India in recent quarters has been at historically
low levels, noticeably below the RBI’s medium term
4% target.
Performance overview
Underperformance was driven primarily by the portfolio’s
exposure to cyclical sectors, the allocation to small and
mid-cap stocks, and stock selection within healthcare,
alongside not owning certain large Benchmark
constituents that delivered strong returns. In addition,
Quality as an investment style was out of favour during the
period, while recent portfolio initiations did not contribute
meaningfully to alpha.
Energy was the largest detractor. The Company’s off-
benchmark holdings in Aegis Logistics and Aegis Vopak
Terminals weighed on performance. Aegis Vopak, in
particular, declined towards the end of the year amid
concerns over near-term LPG supply disruptions linked to
the US-Iran conflict. Not holding Oil & Natural Gas
Corporation and Coal India also weighed on relative
returns as investors rotated into energy and domestic
commodity producers; we continue to review the
portfolio’s oil and gas exposure.
Not holding index bellwether Reliance Industries further
detracted as its refining margins expanded sharply,
particularly in March 2026, following heightened
geopolitical tensions. We do not invest in Reliance or its
subsidiaries, currently, due to ongoing concerns around
corporate governance and capital allocation.
Stock selection effects in the financials sector, where the
portfolio has the largest aggregate weight, detracted,
specifically within banks and financial services. HDFC Bank
shares declined despite reporting earnings results that
beat the market’s expectations. Investors, instead,
focused on the bank’s elevated loan-deposit ratio and
growth concerns. The shares weakened further due to the
bank chairman’s abrupt resignation. We engaged HDFC
Bank’s management to obtain clarifications and continue
to monitor developments. ICICI Bank faced a near-term
overhang around potential succession (see case study on
page 16). These were partly offset by Kotak Mahindra
Bank and Karur Vysya Bank.
Aberdeen New India Investment Trust PLC 13
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
KFin Technologies, a registrar and transfer agency, is seen
as a proxy to the rise of the broader Indian stock market. It
detracted as domestic mutual fund activity slowed.
Among the insurers, SBI Life Insurance outperformed as its
total annual premium equivalent materially improved
year-on-year, supporting the outlook on the value of new
business growth and margin.
Travel-related names in the consumer discretionary
sector underperformed, notably MakeMyTrip and Indian
Hotels. MakeMyTrip came under pressure amid concerns
over domestic air travel disruption affecting passenger
volumes, with sentiment weakening further on worries
about softer travel demand and second-order impacts
from the Iran conflict. Indian Hotels also pulled back on
similar concerns. In response, we reduced exposure to
both companies. This was partly offset by contributions
from consumer durables holdings in LG Electronics India
and Titan.
Within autos, Mahindra & Mahindra (see the case study on
page 18) delivered strong results across its automotive
and tractor businesses, while auto ancillary player Uno
Minda reported growth ahead of industry trends, albeit
with some moderation in momentum. The autos sector
remains well positioned to benefit from India’s goods and
services tax reforms, , income tax restructuring and
prospective interest rate cuts.
Stock selection, together with an underweight position in
consumer staples, contributed positively as the sector
came under pressure amid weaker rural demand and
subdued volume growth, underperforming further
towards the end of the period as investors rotated into
energy and commodities.
The portfolio’s healthcare exposure delivered mixed
outcomes. JB Chemicals and Pharmaceuticals and Sai Life
Sciences performed well, benefitting from the sector’s
relatively lower sensitivity to higher energy prices. This was
partly offset by weaker performance from Concord
Biotech, where export shipments remained subdued, and
from Global Health (Medanta) and the off-benchmark
holding in Vijaya Diagnostic Centre.
Cables and wires manufacturer KEI Industries was the top
stock contributor over the year under review, recovering
strongly following an earnings beat and improving
growth visibility.
14 Aberdeen New India Investment Trust PLC
Portfolio activity
Overall, we have taken proactive steps to reposition the
portfolio to better insulate it against downside risks
through this period of slower growth and market volatility.
We reduced exposure to capital-market-linked and
industrial companies, where cost pressures or supply
disruptions could emerge, and reinvested the proceeds in
more defensive holdings.
Within the consumer space, we introduced fashion and
lifestyle retailer Trent and fast-moving consumer goods
giant Marico and participated in LG Electronics India’s IPO.
We adjusted the portfolio’s mix of financials exposures by
reintroducing Kotak Mahindra Bank, funded by exiting Axis
Bank, and initiated Karur Vysya Bank, a regional lender
with strong asset quality. Among non-bank lenders, we
exited Aptus Value Housing Finance and added Bajaj
Finance, a retail-focused NBFC with superior execution
and risk discipline. We also added Multi Commodity
Exchange, the largest commodity derivatives exchange in
India, and Central Depository Services, a capital markets
infrastructure company.
In capital goods, we exited ABB India, Apar Industries, and
Havells India, and participated in the IPO of Siemens Energy
India, which is well positioned to benefit from India’s
expanding power infrastructure needs. Aligned with this
theme, we initiated IndiGrid Infrastructure Trust, India’s first
power-sector infrastructure investment trust with a
portfolio that comprises acquisitions and greenfield
projects as well as renewable power generation
and storage.
Within materials, we added Time Technoplast, the world’s
largest manufacturer of large-size plastic drums with over
half of the market share in India. We also participated in
the IPO of Aegis Vopak Terminals, the largest Indian third-
party owner and operator of tank storage terminals for
LPG and liquid products, in terms of storage capacity.
Further, we consolidated the portfolio’s exposure to
property sector by selling Godrej Properties.
In health care, we added Rainbow Children’s Medicare, a
leading multi-specialty paediatric and maternity care
hospital chain as well as a re-initiation of hospital chain
operator and diagnostic player, Fortis Healthcare, which
we funded by exiting Poly Medicure. We also added Sai
Life Sciences, one of the largest integrated players in India,
whilst exiting Syngene International.
Performance has been below our expectations for the
year under review but we remain confident in the
portfolio’s underlying strength and long-term quality,
whilst being cognisant of the near-term challenges
India is facing.
Investment Mana
g
er’s Report
Continued
Aberdeen New India Investment Trust PLC 15
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
India’s valuations relative to EM have
compressed noticeably
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
2.0
2.1
2.2
Jan 2016
Aug 2016
Mar 2017
Oct 2017
May 2018
Dec 2018
Jul 2019
Feb 2020
Sep 2020
Apr 2021
Nov 2021
Jun 2022
Jan 2023
Aug 2023
Mar 2024
Oct 2024
May 2025
Dec 2025
MSCI India vs EM - Fwd PE +1S.D.
-1S.D. Average
Source: Workspace LSEG, IBES, MSCI, J.P. Morgan, February 2026
Outlook
In the near term, energy and supply-chain headwinds
linked to the US-Iran conflict continue to pose risks given
India’s reliance on oil and LNG imports. Higher energy
prices are pressuring both the current account and the
currency and growth could be impacted should the
conflict be prolonged.
Notwithstanding this, we remain positive on the longer
term outlook for India. The country’s multiple underlying
structural growth drivers remain intact. Following the
recent underperformance of the Indian market, company
valuations have reset and the premium of India’s stock
market to other emerging markets has fallen back to its
long term average.
From a portfolio standpoint, the Company continues to
own high-quality stocks. While style rotation and market
crosswinds have weighed on returns over the year, the
underlying strength of the portfolio remains intact. As
near-term headwinds eventually recede, we expect
fundamentals to reassert themselves and for
performance of quality as a style to improve.
James Thom and Rita Tahilramani
abrdn Asia Limited
Investment Manager
17 June 2026
16 Aberdeen New India Investment Trust PLC
Case Study
ICICI Bank
ICICI Bank’s roots hark back to 1955
1
, when ICICI was set up with the World Bank’s backing
to help finance India’s industrial ambitions. In 1994, ICICI launched a commercial banking
subsidiary in ICICI Bank, and by 2002, it had completed a reverse merger with the parent
entity to create the integrated bank of today. From those institutional beginnings, ICICI Bank
has grown into India's largest private sector bank by assets, serving tens of millions of
customers across retail, small and medium enterprise (SME) and corporate banking. Its
branch network continues to expand, with more than 7,500 branches nationwide
2
.
As investors in India, we look for businesses where
management quality, competitive positioning,
environmental, social and governance (ESG credentials),
and long-term growth drivers are aligned, and which are
financially solid and operating in attractive and growing
industries and sectors.
ICICI Bank fits this description well. Under MD and CEO
Sandeep Bakhshi, who took charge in 2018, ICICI is now on
a more solid footing than before. After addressing
elevated non-performing assets and governance
concerns, ICICI has refocused on growth that is calibrated
for risk. The results speak for themselves: net income
increased from 68 billion rupees in March 2018 to 501
billion rupees by March 2026 despite the pandemic, which
represents a compound annual growth rate of 28% over
that period. ICICIT also generates a healthy return on
equity, with a 5-year average of 17%, and maintains a
well-capitalised balance sheet with a capital adequacy
ratio of 16%. Its gross non-performing assets also
improved to 1.4% of total assets as of end-March 2026.
ICICI is a direct beneficiary of India's structural shift away
from state-owned lenders towards efficient, technology-
driven private banks. ICICI’s loan book has been growing
at around 16% year-on-year, driven by broad-based
demand across retail, business banking and corporate
segments. With a loan-to-deposit ratio that is the lowest
among the large private sector banks, ICICI has ample
room to grow further without straining its funding base.
The composition of its funding is also robust with 39% of
deposits coming from low cost, sticky retail current and
savings accounts. Its liquidity coverage ratio is also strong
at about 125% as of 31 March 2026.
What also sets ICICI apart is the quality of its broader
franchise. Beyond banking, it has built a portfolio of well-
run subsidiaries, including ICICI Prudential Life Insurance,
ICICI Prudential Asset Management and ICICI Lombard
General Insurance, which add diversified earnings
streams and reinforce the ICICI’s standing as one of India’s
leading financial services platforms.
On ESG, ICICI has committed to achieving net-zero
emissions by 2070 and has introduced an internal carbon
pricing mechanism to guide its investment decisions. It has
channelled significant lending towards renewable energy
projects and green infrastructure, and it has made
meaningful progress on financial inclusion through its
business correspondent network.
Investment Case Studies
1
ICICI Bank History: Milestones, Growth & Legacy
2
Performance Review: Quarter ended March 31, 2026
Aberdeen New India Investment Trust PLC 17
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
7,500
branches nationwide
18 Aberdeen New India Investment Trust PLC
Case Study
Mahindra & Mahindra
Mahindra & Mahindra (“M&M”) stands out as a solid industrial group that has delivered
steady returns across economic cycles. What began as a steel trading business seven
decades ago has grown into a diversified global group with more than 324,000
employees in over 20 industries across 100-plus countries
1
.
What has impressed us most recently is M&M’s ability to
gain market share across its core businesses of tractors,
sport utility vehicles (SUVs) and light commercial
vehicles (LCVs).
M&M is the world’s largest tractor manufacturer by
volume, with domestic market share of 44% as of the third
quarter of FY26. It achieved approximately 24% year-
over-year growth in tractor volumes for FY26, significantly
exceeding initial "low double-digit" guidance.
In the Indian passenger vehicle segment, M&M has
repositioned itself as a premium SUV franchise, with
models such as Thar, Scorpio N and XUV700 strengthening
brand perception and driving sustained outperformance
versus the domestic industry. M&M’s SUV revenues and
volumes are outpacing peers, supported by
premiumisation and favourable mix.
M&M has also made a credible foray into electric vehicles
(EVs). Early demand for its EV models such as XEV 9S and
BE 6 has been strong, with margins improving as volumes
scale and production-linked incentive benefits accrue.
Looking ahead to FY27, EVs should become a more
meaningful growth driver, supported by a new greenfield
facility with annual capacity of around 500,000 units and a
10-year capex commitment of 150 billion rupees
3
.
As a result, M&M now ranks among the top one to two
players by revenue share across SUVs, tractors, and LCVs,
which is striking in terms of its leadership breadth.
The group’s capital allocation discipline is also improving.
Returns at listed subsidiaries such as Tech Mahindra and
Mahindra & Mahindra Financial Services are recovering,
with management focused on lifting returns on capital
employed rather than growth at any cost. M&M’s unlisted
“growth gems” are also being structured to unlock value,
with Mahindra Electric Automobile and Last Mile Mobility
(LMM) bringing in strategic partners and laying out clearer
paths to profitability.
As with Maruti Suzuki or Hyundai Motor India in earlier
cycles, M&M is emerging as a consistent compounder on
the back of better management execution and capital
allocation and supported by its strong market position and
focus on structurally growing areas like EVs.
On ESG, M&M has set ambitious sustainability targets,
including carbon neutrality for Scope 1 and 2 emissions by
2040, 100% renewable energy usage and zero waste to
landfill by 2030. It also supports rural livelihoods through
initiatives such as Nanhi Kali and Project Kaabil, which
focus on education, skilling and employability for women
4
.
1
The Mahindra Group Official Website | Together We Rise
2
Mahindra & Mahindra analyst presentation, 30 July 2025
3
Mahindra and Mahindra – strong outlook across segments; maintain as top pick, 11 February 2026, Nomura Global Markets Research
4
Mahindra & Mahindra Sustainability Report 2025
Aberdeen New India Investment Trust PLC 19
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
324,000
employees in over
20 industries
20 Aberdeen New India Investment Trust PLC
Investment Objective
The Company aims to provide shareholders with long
term capital appreciation by investment in companies
which are incorporated in India, or which derive significant
revenue or profit from India, with dividend yield from the
Company being of secondary importance.
Business Model
The business of the Company is that of an investment
company which continues to qualify as an investment
trust for UK capital gains tax purposes. The Directors do
not envisage any change either to this model or to the
Company’s activities in the foreseeable future.
Investment Policy
The Company invests primarily in Indian equity securities.
Risk Diversification
The investment policy is flexible, enabling it to invest in all
types of securities, including equities, debt and convertible
securities in companies listed on the Indian stock
exchanges or which are listed on other international
exchanges, and which derive significant revenue or profit
from India. The Company may, where appropriate, invest
in open-ended collective investment schemes and
closed-end funds which invest in India and are listed on
the Indian stock exchanges. The Company is free to invest
in any particular market segment or geographical region
of India or in small, mid or large capitalisation companies.
The Company may invest up to 10% of its NAV in
unquoted companies in aggregate, measured at the time
of each investment.
The Company’s portfolio will typically comprise in the
region of 25 to 50 holdings but with due consideration
given to spreading investment risk. No individual issuer is
expected normally to represent a greater weight in the
portfolio than the higher of (i) 10% of the Company’s net
assets or (ii) the individual issuer’s weight in the MSCI India
Index (in sterling terms) plus 2%, both as measured at the
time of each investment, although there is a maximum
permitted exposure to a single issuer of 20% of the
Company’s net assets at all times.
The Board announced, on 25 September 2025, a non-
material change to the investment policy that will enable
the Investment Manager to ensure that the weightings in
the portfolio reflect their conviction in the underlying
stocks following recent changes to the MSCI India Index
constituents. The investment policy was amended to allow
an increase in the permitted exposure to individual issuers
relative to their respective weighting in the MSCI India
Index which is measured at the time an investment is
made. As amended, the percentage referred to (ii),
above, was increased to “MSCI India Index (in sterling
terms)
plus 3%
”, previously 2%. The overarching single
issuer limit of 20% of net assets for any single issuer
remains unchanged.
Gearing
The Company is permitted to borrow up to 25% of its net
assets (measured when new borrowings are incurred). It
is intended that this power should be used to leverage the
Company’s portfolio in order to enhance returns when
and to the extent that it is considered appropriate to
do so. Under normal circumstances, over the longer term
and in tandem with the rising value of the Company’s
investments, gearing is expected to improve returns.
The Company’s gearing is essentially structural in nature
but, in addition, may be used for specific opportunities
or circumstances. The Directors take care to ensure
that borrowing covenants permit flexibility of
investment policy.
Currency, Hedging Policy and Derivatives
The Company’s financial statements are maintained in
Sterling even though, because of its investment focus,
nearly all of its portfolio investments are denominated and
quoted in the Indian Rupee. Although it is not the
Company’s present intention to do so, the Company may,
where appropriate and economic to do so, employ a
policy of hedging against fluctuations in the rate of
exchange between Sterling and other currencies in which
its investments are denominated. Cash balances are held
in such currency or currencies as the Manager considers
appropriate, although it is expected that this would
primarily be Sterling.
Although the Company does not employ derivatives
presently, it may do so, if appropriate, to enhance portfolio
returns (of a capital or income nature) and for efficient
portfolio management, that is, to reduce, transfer or
eliminate risk in its investments, including protection
against currency risks, or to gain exposure to a
specific market.
Overview of Strate
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Aberdeen New India Investment Trust PLC 21
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Investment Restrictions
It is the investment policy of the Company to invest no more than 15% of its gross assets in other listed investment
companies (including listed investment trusts). The Company held no investments in other listed investment companies
during the year ended 31 March 2026.
Benchmark
The Company’s Benchmark is the MSCI India Index (Sterling-adjusted). The Board also considers the Adjusted NAV (see
Glossary on page 107) in relation to the conditional tender offer announced in March 2022
Key Performance Indicators
At each Board meeting, the Directors consider a number of performance measures to assess the Company’s success in
achieving its objective. The Key Performance Indicators (“KPIs”; see also Glossary), which are considered at each Board
meeting and are unchanged compared to the prior year, are listed below. Changes in the KPIs over the year are
described, where material, in the Chairman’s Statement and Manager’s Investment Report.
KPI Description
Performance of NAV and share price
compared to the Benchmark
The Board considers the Company’s NAV return, the Adjusted NAV return and share price
return, all relative to the Benchmark, to be the best indicators of performance over time.
The figures for this year and for the past three, four, five and ten years are set out on page
3 for the NAV return and share price total return. A graph showing NAV and share price
total return performance against the Benchmark over the past five years is shown on
page 30.
Discount to NAV The discount at which the Company’s share price trades relative to the NAV per share is
monitored by the Board. A graph showing the discount over the last five years is shown on
page 30.
Ongoing charges The Board regularly monitors the operating costs of the Company and the ongoing
charges for this year and the previous year are disclosed on page 3.
Principal Risks and Uncertainties
There are a number of risks which, if realised, could have a material adverse effect on the Company and its financial
position, performance and prospects. The Board has carried out a robust assessment of these risks, incorporating
emerging risks, which include those that would threaten its business model, future performance and solvency. The
principal risks and uncertainties, as well as emerging risks faced by the Company, are reviewed annually by the Audit
Committee in the form of a detailed risk matrix and heat map and these are described in the table below, together with
the trend (as compared to the previous year) and any mitigating actions.
The geo-political turmoil created by the Middle East conflict has resulted in the Board awarding a higher rating to Market
Risk (see pages 22 and 23). Also, the risk of poor investment performance risk was deemed to have increased during the
year due to the under-performance of the Company’s Adjusted NAV against the Benchmark (both in total return terms)
over the four years ended 31 March 2026, ahead of the 5-year conditional tender measurement period ending on 31
March 2027 (see the Chairman’s Statement on page 7).
The Board identifies emerging risks if and when they become material. The Board considers the implications for the
Company’s investment portfolio of a changing climate and the rapid evolution of Artificial Intelligence to constitute
emerging risks where the impact of each, either positive or negative, cannot be accurately evaluated.
In a development since the previous Annual Report it is noted that, in certain other investment trusts, activist investors
with a large shareholding had taken advantage of lower shareholder turn-out at general meetings to pass resolutions
which may not be in the best interests of shareholders as a whole.
22 Aberdeen New India Investment Trust PLC
Overview of Strate
g
y
Continued
Other than as set out above, the trend of each of the Company’s principal risks and uncertainties (as illustrated in the
table) has not changed materially since the date of the previous Annual Report.
An explanation of other risks relating to the Company’s investment activities, specifically market price, interest rate,
liquidity and credit risk, and a note of how these risks are managed, is contained in Note 17 to the financial statements.
Description Trend Mitigating Action
Strategic risk – inappropriate business strategy leads
to lack of demand for the Company’s shares, leading
to its shares trading at a persistent and anomalous
discount to its Net Asset Value
The Board reviews its strategy and investment mandate annually
in the context of developments in markets and taking account of
investor feedback.
Market risk – falls in the prices of securities issued by
Indian companies, which may be caused by
company-specific issues or may be determined by
local and international economic, political, social, and
financial factors, including pandemics, natural
disasters (arising from climate change or otherwise)
or geo-political conflicts.
The Investment Manager seeks to reduce market risk by investing
in a wide variety of companies with strong balance sheets and the
ability to generate increased earnings. In addition, investments are
made in diversified sectors in order to reduce the risk of a single
large exposure. The Investment Manager believes that
diversification should be looked at in absolute terms rather than
relative to the Benchmark. The performance of the portfolio
relative to the Benchmark and the underlying stock and sector
weightings in the portfolio against their Benchmark weightings are
monitored closely by the Board.
Poor investment performance – poor investment
performance leads to loss of asset value in
comparison to the benchmark and/or the peer
group, and, over time, can lead to a widening of the
discount to NAV at which the Company’s shares
trade.
The investment performance of the Manager is reviewed at each
Board meeting and compared to the benchmark and the peer
group. Exposure to a range of risk factors is also reviewed.
Where there has been poor performance, the Board carefully
reviews the reasons and then discusses with the Manager the
steps being taken to address the under-performance.
Discount – factors which affect the discount to NAV
at which the Ordinary shares of the Company trade.
These may include the popularity of the investment
objective of the Company, the popularity of
investment trust shares in general, the investment
performance of the Company, and the ease with
which the Company’s Ordinary shares can be
traded on the London Stock Exchange.
The Board keeps under review the discount and undertakes
selective buyback of shares where to do so would be in the best
interests of shareholders, balanced against reducing the overall
size of the Company.
Single country risk (including currency) – the
Company invests in companies which are
incorporated in, or derive significant revenue or profit
from, a single country – India. Investing in a single
country, which is also an emerging market, is
generally a higher risk strategy than investing more
widely, or in developed markets. There is likely to be
greater political and regulatory risk, and the
standards of disclosures and corporate governance
may be less developed than in developed markets.
The Company’s exposure to India is an integral part of its
investment strategy. Risk can be mitigated, to a degree, by the
monitoring of emerging risks, and by appropriate actions in
relation to portfolio construction, liquidity and gearing.
The Board is kept informed of political, regulatory and tax issues
affecting the portfolio.
The Board monitors the Rupee/Sterling exchange rate and
reviews the currency impacts on both capital and income
regularly, although the Company did not hedge its foreign
currency exposure during the year.
Overview of Strate
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Continued
Aberdeen New India Investment Trust PLC 23
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Description Trend Mitigating Action
In addition, there may be political, economic or social
issues domestically or wider geo-political risk due to
external factors, such as heightened geopolitical
uncertainty resulting from the conflict in the Middle
East. These events may lead to volatility and/or falls
in equity markets, as well as adverse foreign
currency movements.
Supplier risk – the Company is dependent on the
services provided by third parties, and in particular
the Manager and Depositary. Failure by third parties
to carry out their obligations to the Company, or
reputational issues or inadequate succession
arrangements, could disrupt the level of service
provided. In particular, the insolvency of the
depositary or custodian or sub-custodian, or a
shortfall in the assets held by that depositary,
custodian or sub-custodian arising from fraud,
operational errors or settlement difficulties resulting
in a loss of assets owned by the Company. In
addition, there is a risk of a cyber-attack on the
Company’s service providers which could affect its
ability to transact, monitor performance and report
to shareholders. There is also a risk of shareholder
data held by the registrar being compromised.
The Board reviews the overall performance of the Manager and all
other key service providers on a regular basis. In particular, the
Depositary, BNP Paribas SA, London Branch, presents to the Board
at least annually on the Company’s compliance with the
Alternative Investment Fund Managers Directive (“AIFMD”). The
Manager separately monitors the activities of the Depositary and
reports to the Board on any exceptions arising.
The Board monitors the cyber-security and business recovery
policy of all its service providers.
Financial and regulatory – the financial risks
associated with the portfolio could result in losses to
the Company. In addition, failure to comply with
relevant regulation (including the Companies Act,
the Financial Services and Markets Act, the
Alternative Investment Fund Managers Directive,
accounting standards, investment trust regulations
and the FCA UK Listing Rules, Disclosure Guidance
and Transparency Rules and Prospectus Rules) may
have an adverse impact on the Company.
Any change in the Company’s tax status or in
taxation legislation either in India or in the UK
(including the tax treatment of dividends, capital
gains or other investment income received by the
Company) could affect the value of the investments
held by the Company and the Company’s ability to
provide returns to shareholders or alter the post-tax
returns to shareholders.
The financial risks associated with the Company include market
risk, liquidity risk and credit risk, all of which are mitigated by the
Manager. Further details of the steps taken to mitigate the
financial risks associated with the portfolio are set out in Note 17 to
the financial statements.
The Board is responsible for ensuring the Company’s compliance
with applicable regulations. Monitoring of this compliance, and
regular reporting to the Board thereon, has been delegated to the
Manager. The Board receives updates from the Manager and AIC
briefings concerning industry changes.
In particular, the Board receives reports from the Manager
covering investment movements, the level and type of forecast
income and expenditure and the amount of proposed dividends
with a view to ensuring that the Company continues to qualify as
an investment trust under Chapter 4 of Part 24 of the Corporation
Tax Act 2010. A breach of these regulations would mean that the
Company is no longer exempt from UK capital gains tax on profits
realised from the sale of its investments.
24 Aberdeen New India Investment Trust PLC
Overview of Strate
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Continued
Description Trend Mitigating Action
In particular, the calculation of Indian capital gains tax
which may be due can be complex and is dependent
on the interpretation of the legislation, which may
result in an under- or over-provision being made.
The Indian capital gains tax provision is calculated by an
independent third party and reviewed at least half-yearly by the
Audit Committee.
Gearing – while the use of gearing should enhance
the total return on the Ordinary shares where the
return on the Company’s underlying assets is rising
and exceeds the cost of borrowing, it will have the
opposite effect where the underlying return is less
than the cost of borrowing, further reducing the total
return on the Ordinary shares. A significant fall in the
value of the Company’s investment portfolio could
result in a breach of bank covenants and trigger
demands for early repayment.
The Board is responsible for determining the gearing strategy for
the Company, with day-to-day gearing decisions being made by
the Investment Manager. Borrowings are short term in nature and
particular care is taken to ensure that any bank covenants permit
maximum flexibility of investment policy. The Board has agreed
certain gearing restrictions with the Manager and reviews
compliance with these guidelines at each Board meeting.
Loan agreements are entered into following review by the
Company’s lawyers.
Unlisted securities – the Company may invest in
unlisted securities, which may not be readily
realisable, and may be more difficult to value in the
absence of a quoted price. There may be less
available information and less regulation in respect
of disclosures and corporate governance.
At 31 March 2026, there were no unlisted investments in the
portfolio. The Manager is currently seeking the necessary
regulatory permissions to make unlisted investments in India. Once
obtained, the Manager will conduct appropriate due diligence in
respect of any unlisted investments. Valuation will be assessed by
an independent third party and reviewed at least half-yearly by
the Audit Committee.
no change to the risk rating during the year
increased risk rating during the year
Promoting the Company
The Board recognises the importance of updating existing
investors as well as promoting the Company to
prospective investors, with the aim of improving liquidity in
the Company’s shares and reducing the discount at which
they trade, thereby enhancing value. Communicating the
long-term attractions of the Company is key.
The Board seeks to achieve this through subscription to,
and participation in, the promotional programme run by
Aberdeen on behalf of the range of investment
companies under its management.
The Company’s financial contribution to the programme is
matched by Aberdeen, whose promotional activities team
reports quarterly to the Board giving analysis of the
promotional activities as well as updates on the
shareholder register and any changes in the composition
of that register. The Company further supports the
Manager’s investor relations programme which involves
regional roadshows as well as promotional and public
relations campaigns.
Overview of Strate
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Continued
Aberdeen New India Investment Trust PLC 25
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Board Diversity
The Board recognises the importance of having a range
of skilled, experienced individuals with the right knowledge
represented on the Board in order to allow the Board to
fulfil its obligations. The Board also recognises the benefits,
and is committed to, the principle of diversity in its
recruitment of new Board members. The Board will
continue to ensure that all appointments are made on the
basis of merit against the specification prepared for each
appointment and will search widely when recruiting any
new Director with a view to maximising diversity.
Consequently, the Company does not consider it
appropriate to set specific diversity targets.
At 31 March 2026, there were three male Directors and
one female Director on the Board. Further to the
retirement of Michael Hughes on 31 March 2026 and the
appointment of Francesca Ecsery on 1 April 2026, there
are two male Directors and two female Directors of the
Company at the date of approval of this Report.
Environmental, Social and Human
Rights Issues
The Company has no employees as it is managed by
abrdn Fund Managers Limited and there are therefore no
disclosures to be made in respect of employees. The
Manager’s responsible investment policy is outlined on
pages 96 and 97.
Due to the nature of the Company’s business, being a
company that does not offer goods and services to
customers, the Board considers that it is not within the
scope of the Modern Slavery Act 2015 because it has no
turnover. The Company is therefore not required to make
a slavery and human trafficking statement.
Notwithstanding this, the Board considers the Company’s
supply chains, dealing predominantly with professional
advisers and service providers in the financial services
industry, to be low risk in relation to this matter.
Global Greenhouse Gas Emissions and
Streamlined Energy and Carbon
Reporting (“SECR”)
All of the Company’s activities are outsourced to third
parties. The Company therefore has no greenhouse gas
emissions to report from the operations of its business, nor
does it have responsibility for any other emissions
producing sources under the Companies Act 2006
(Strategic Report and Directors’ Reports) Regulations
2013. For the same reason as set out above, the Company
considers itself to be a low energy user under the SECR
regulations and therefore is not required to disclose
energy and carbon information.
Task Force for Climate-related
Financial Disclosures
Under UKLR 11.4.22R, the Company, as a closed ended
investment company, is exempt from complying with the
Task Force on Climate-related Financial Disclosures
(“TCFD”).
Whilst TCFD is currently not applicable to the Company,
the Manager has produced a product level report (the
“Carbon Report”) for the Company in accordance with the
FCA’s rules and guidance regarding the disclosure of
climate-related financial information consistent with
TCFD requirements (this is available on the Company’ s
website, within ‘Key Documents’, for the year ended 31
December 2025). These disclosures are intended to help
meet the information needs of market participants,
including institutional clients and consumers of financial
products in relation to the climate-related impact and
risks of the Manager’s TCFD in-scope business.
26 Aberdeen New India Investment Trust PLC
Viability Statement
The Company does not have a fixed period strategic plan,
but the Board formally considers risks and strategy on at
least an annual basis. The Board regards the Company,
with no fixed life, as a long-term investment vehicle, but for
the purposes of this viability statement has decided that a
period of five years is an appropriate period over which to
report. The Board considers that a five year period reflects
the expected time horizon for an investment in the shares
of the Company and also represents a balance between
the Board’s confidence in the long-term viability of the
Company and the inherent uncertainties of looking out
further than five years.
Taking into account the Company’s current position and
the potential impact of its principal risks and uncertainties,
the Directors have a reasonable expectation that the
Company will be able to continue in operation and meet
its liabilities as they fall due for a period of five years from
the date of this Report.
In forming this expectation, the Directors looked to
the following:
·
the Company’s assets consist, substantially, of a
portfolio of readily realisable quoted securities, where
the Directors monitor the liquidity of each holding as well
as reviewing the outcome of testing undertaken by the
Manager in which the portfolio is subject to adverse
historic market scenarios;
·
principal risks and uncertainties detailed on pages 21 to
24 and the steps taken to mitigate these. The Directors
consider the most significant risks, for assessing the
longer term viability of the Company, are any period of
extended poor performance, the level of the discount
and the geopolitical risks inherent in investing in a single
emerging market country;
·
the implications of the conditional performance related
tender, based on the Company’s Adjusted NAV
performance relative to the Benchmark for the five
years ended 31 March 2027, noting that the
performance in the four years ended 31 March 2026
was behind the Benchmark;
·
the implications of the ordinary resolution, to be put to
shareholders at the AGM in 2027, regarding the
continuation of the Company;
·
a significant proportion of the expenses are proportional
to the Company’s NAV or market capitalisation and will
reduce if these fall;
·
the Directors regularly review the Company’s level of
gearing, including financial modelling undertaken by the
Manager to establish what level of reduction in the
Company’s NAV would require to occur in order to
cause a breach in the covenants attached to the
Company’s £30m bank loan facility;
·
the Company’s third-party suppliers continuing to
deliver services to the Company in accordance with the
underlying agreements and not experiencing significant
operational difficulties in respect of the services
provided to the Company, although, if required,
alternative suppliers could be engaged to provide these
services at limited notice; and
·
in advance of expiry in June 2028 of the Company’s
three-year £30m loan with BNP Paribas SA, London
Branch, the Company will enter into negotiations with its
bankers. If acceptable terms are available from the
existing bankers, or any alternative, the Company would
expect to continue to access borrowings. However,
should these terms not be forthcoming, any outstanding
borrowing would be repaid through the proceeds of
equity sales.
Duration
The Company does not have a fixed life but, under the
Articles of Association, an ordinary resolution to continue
the Company is put to shareholders every five years,
which will next occur at the AGM in 2027.
Future Developments
The Board expects the Company to continue to pursue its
investment objective and accepts that this may involve
divergence from the Benchmark. The companies which
make up the investment portfolio are considered by the
Investment Manager to demonstrate resilience and to
offer opportunities for investors to benefit from the
development of the broader Indian economy. Further
information on the outlook and future developments of
the Company may be found in the Chairman’s Statement
on page 9 and in the Investment Manager’s Report on
page 15.
David Simpson
Chairman
17 June 2026
Overview of Strate
g
y
Continued
Aberdeen New India Investment Trust PLC 27
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
The Purpose of the Company and Role
of the Board
The Board is required to report on how it has discharged
its duties and responsibilities under section 172 of the
Companies Act 2006. Under this legislation, the Directors
have a duty to promote the success of the Company for
the benefit of its members as a whole, taking into account
the likely long-term consequences of decisions, the need
to foster relationships with the Company’s stakeholders
and the impact of the Company’s operations on
the environment.
The purpose of the Company is to act as a vehicle to
provide, over time, attractive financial returns to its
shareholders. Investment trusts, such as the Company, are
long-term investment vehicles and are typically externally
managed, have no employees, and are overseen by an
independent non-executive board of directors.
During the year, the Board comprised between four and
five independent non-executive Directors with a broad
range of skills and experience across all major functions
that affect the Company. The Board retains responsibility
for taking all decisions relating to the Company’s
investment objective and policy, gearing, corporate
governance and strategy, and for monitoring the
performance of the Company’s service providers.
The Board’s philosophy is that the Company should
operate in a transparent culture where all parties are
provided with respect as well as the opportunity to offer
practical challenge and participate in positive debate
which is focused on the aim of achieving the expectations
of shareholders and other stakeholders alike. The Board
expects the Manager to act as a responsible steward of
the Company’s investments (see pages 96 to 97 for
further information). Further information on the Manager’s
responsible investment policy may be found at:
https://www.aberdeenplc.com/en-gb/corporate-
sustainability
How the Board Engages with Stakeholders
The Company’s main stakeholders are its Shareholders, the Manager, Investee Companies, Service Providers, Debt
Providers and the Environment and Community. The Board considers its stakeholders at Board meetings
and receives feedback on the Manager’s interactions with them.
Stakeholder How the Board Engages
Shareholders The Company’s shareholders are key stakeholders and the Board places great importance on
communication with them. The Board welcomes all shareholders’ views and aims to act fairly between all
shareholders. The Chairman, Manager and Company’s broker regularly meet with current and prospective
shareholders to discuss performance and shareholder feedback is discussed by the Directors at Board
meetings. In addition, the Chairman meets with major shareholders in the absence of representatives of
the Manager, as necessary.
Regular updates are provided to shareholders through the Annual Report, Half Yearly Report, Manager’s
monthly factsheets, Company announcements, including daily net asset value announcements, and the
Company’s website.
The Company’s Annual General Meeting provides a forum, both formal and informal, for shareholders to
meet and discuss issues with the Directors and Manager. The Board encourages as many shareholders as
possible to attend the Company’s Annual General Meeting and to provide feedback on the Company.
In addition to the Annual General Meeting, as in previous years, the Company is holding an online
shareholder presentation at which shareholders will receive updates from the Chairman and Investment
Manager, followed by an interactive question and answer session. Further details are provided in the
Chairman’s Statement.
Promotin
g
the Success of the Company
28 Aberdeen New India Investment Trust PLC
Manager (and
Investment Manager)
The Investment Manager’s Report on pages 10 to 15 details the key investment decisions taken during the
year. The Investment Manager has continued to manage the Company’s assets in accordance with the
mandate provided by shareholders, with the oversight of the Board.
The Board regularly reviews the Company’s performance against its investment objective and the Board
undertakes an annual strategy review to ensure that the Company is positioned well for the future delivery
of its objective for its stakeholders.
The Board receives presentations from the Investment Manager at every Board meeting to help it to
exercise effective oversight of the Investment Manager and the Company’s strategy.
The Board, through the Management Engagement Committee, formally reviews the performance of the
Manager at least annually and further details are provided on page 44.
Investee Companies Responsibility for actively monitoring the activities of portfolio companies has been delegated by the Board
to the Manager which has sub-delegated that authority to the Investment Manager.
The Board has also given discretionary powers to the Investment Manager to exercise voting rights on
resolutions proposed by the investee companies within the Company’s portfolio. The Investment Manager
reports to the Board on a quarterly basis on stewardship (including voting) issues.
Through engagement and exercising voting rights, the Investment Manager actively works with portfolio
companies to improve corporate standards, transparency and accountability, and report thereon to
the Board.
Service Providers The Board seeks to maintain constructive relationships with the Company’s suppliers either directly or
through the Manager with regular communications and meetings.
The Audit Committee conducts an annual review of the performance, terms and conditions of the
Company’s key service providers to ensure they are performing in line with Board expectations and
providing value for money.
Debt Providers On behalf of the Board, the Manager maintains a constructive working relationship with the Company’s
lenders, ensuring compliance with the relevant loan covenants and arranging for regular updates for
lenders on the Company’s business activities, where requested.
Environment and
Community
The Board and Manager are committed to investing in a responsible manner and the Investment Manager
integrates sustainable considerations into its research and analysis as part of the investment decision-
making process.
Promotin
g
the Success of the Company
Continued
Aberdeen New India Investment Trust PLC 29
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Specific Examples of Stakeholder Consideration During the Year
While the importance of giving due consideration to the Company’s stakeholders is not new, in the context of pursuing
the long-term success of the Company, and forms part of every Board decision, the Directors were particularly mindful
of stakeholder considerations during the following discussions undertaken during the year ended 31 March 2026.
Background to Decision Action
Discount monitoring and share buybacks
The Board continued to review trading in the
Company’s shares with the aim of reducing
share price volatility in normal market
conditions so that the discount or premium to
NAV does not become excessive
During the year the Company bought back 3.9 million shares (2025: 4.3
million), providing a small accretion to the NAV per share and a degree of
liquidity to the market.
The Board is pleased to note that the discount reduced from 15.0% to 9.6%
over the year.
Board composition and responsibilities
The Board consider that shareholders’ interests
are best served by ensuring, where possible, a
smooth and orderly refreshment of the Board
over time, including reallocation of Directors’
responsibilities
As part of the Board’s long-term succession plan, the Company announced in
the previous Annual Report that Michael Hughes had agreed to remain a
Director, and Chairman of the Company, until 31 March 2026, following which
David Simpson would be appointed Chairman.
Further to the death of Rebecca Donaldson in October 2025, the Board
conducted a comprehensive search for a new Director, facilitated by an
independent consultancy, after undertaking a review of the collective skills
and experience of the remaining Directors. This exercise culminated in the
appointment of Francesa Ecsery as an independent non-executive director
with effect from 1 April 2026.
Replacement of debt provider
The Board continues to review its service
providers to identity cost savings which will
assist in reducing the Company’s ongoing
charges.
In June 2025, the Board negotiated a new £30m loan facility at a considerably
lower rate of interest than was available from the existing provider.
Shareholder engagement and communication
The Board seeks regular engagement with the
Company’s major shareholders and also
prospective and current retail investors.
The Company held an online shareholder presentation on 16 September
2025 to encourage and promote interaction and engagement with the
Company’s shareholders. During the presentation, shareholders received
updates from the Chairman and Investment Manager and were then able to
participate in an interactive question and answer session.
As explained in the Chairman’s Statement on page 9, the Board is holding an
Online Shareholder Presentation at 11.00am on 9 September 2026. This is
being held ahead of the AGM in order to allow shareholders to submit their
proxy votes at least two business days prior to the AGM after receiving an
update on portfolio performance and the outlook for Indian equities.
30 Aberdeen New India Investment Trust PLC
Ten Year Financial Record
Year to 31 March 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Total income (£’000) 3,104 3,318 3,602 5,185 4,517 5,059 6,123 4,903 4,808 3,997
Per share (p)
Net revenue (loss)/return (0.28) (0.71) (0.35) 2.08 0.19 (0.28) (0.59) (3.77) (4.24) (3.36)
Dividends
A
N/A N/A N/A 1.00 N/A N/A N/A N/A N/A N/A
Total return/(loss) 125.81 2.12 41.90 (120.34) 216.25 69.64 (60.00) 168.85 62.69 (184.74)
Net asset value per share (p)
Basic 487.88 490.00 531.90 411.41 627.05 697.30 641.32 819.56 889.34 707.61
Shareholders’ funds (£’000) 288,190 289,444 314,196 241,583 366,106 403,995 357,919 427,054 425,599 311,010
A
2020 dividend represents 0.22p per share paid from revenue reserves and 0.78p per share paid from capital reserves.
Share Price Discount to NAV
Five years ended 31 March 2026
-25%
-20%
-15%
-10%
-5%
0%
31/03/2021 31/03/2022 31/03/2023 31/03/2024 31/03/2025 31/03/2026
Total Returns of NAV and Share Price versus Benchmark total return
Five years ended 31 March 2026 (rebased to 100 at 31 March 2021)
80
100
120
140
160
180
31/03/2021 31/03/2022 31/03/2023 31/03/2024 31/03/2025 31/03/2026
NAV Share Price Benchmark
Performance
Aberdeen New India Investment Trust PLC 31
Portfolio
32 Aberdeen New India Investment Trust PLC
As at 31 March 2026
8.8%
ICICI Bank
8.7%
HDFC Bank
ICICI Bank has been delivering superior growth and returns
improvement without compromising on asset quality. It has
leveraged on its scale as well as retail and digital franchise to
grow in mortgages and also growing off a low base in business
banking and SMEs.
HDFC Bank is India’s leading private sector bank that now has a
complete suite of retail banking products after the merger with
HDFC, India’s leading provider of mortgage finance. The bank
has solid underwriting standards and a progressive digital
stance, further strengthening its competitive edge.
7.1%
Bharti Airtel
5.6%
Mahindra & Mahindra
Bharti Airtel remains the leading telecom service provider with a
pan-India reach and sophisticated customer base with higher
average mobile spending.
With two main operating divisions, autos and farm equipment,
Mahindra & Mahindra is expected to enjoy the benefits of a
strong SUV model cycle, new line-up of electric vehicles and
capital allocation improvement from the group level.
4.3%
SBI Life Insurance
3.3%
Power Grid
Corporation of India
Among the leading domestic life insurers, SBI Life’s competitive
edge comes from a wide reach of SBI branches, highly
productive agents, a low cost ratio and a reputable brand.
Power Grid Corporation of India forms the backbone of India’s
electricity infrastructure. It is poised to play a key role in the
growth of renewable energy delivery to the grid over the next
few decades as the government plans ambitious renewable
targets for the electricity sector.
3.0%
J.B. Chemicals &
Pharmaceuticals
3.0%
Infosys
One of the top pharmaceutical companies in India by sales, with
a strong business manufacturing for other companies. The
company has an attractive financial profile, an experienced and
capable management team, and is pursuing multiple growth
opportunities on which it is executing well.
One of India’s best software developers, it continues to impress
with its strong management, solid balance sheet and
sustainable business model.
2.8%
Bajaj Finance
2.7%
Hindalco Industries
High quality retail-focused non-banking financial company
(“NBFC”) that has been delivering superior returns and growth
to most NBFCs and banks. It has one of the best franchises
amongst the diversified NBFCs with its industry-leading scale,
moat in its strong customer acquisition engine, and a reputable
management team that has so far executed commendably.
Vertically integrated, low-cost aluminium and copper play, with
a larger focus on downstream and with a high proportion of
recycling capability keeping costs low. As a global leader in auto
and can sheets, this makes the company a clear beneficiary of
rising trends of lighter automotive weights to enable EVs and
better fuel emissions, and a greater push for the use of
recyclable materials in consumables the beverage industry.
Ten Lar
g
est Investments
Aberdeen New India Investment Trust PLC 33
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
As at 31 March 2026
Valuation Total assets
AB
2026 2026
Company Industry £’000 %
ICICI Bank Financials 28,592 8.8
HDFC Bank
A
Financials 27,973 8.7
Bharti Airtel Communication Services 22,894 7.1
Mahindra & Mahindra Consumer Discretionary 17,980 5.6
SBI Life Insurance Financials 13,827 4.3
Power Grid Corporation of India Utilities 10,815 3.3
J.B. Chemicals & Pharmaceuticals Health Care 9,805 3.0
Infosys Information Technology 9,740 3.0
Bajaj Finance Financials 9,055 2.8
Hindalco Industries Materials 8,854 2.7
Ten largest investments 159,535 49.3
Indian Hotels Consumer Discretionary 8,655 2.7
Ultra Tech Cement Materials 8,546 2.6
Titan Co Consumer Discretionary 8,221 2.5
Aegis Logistics Energy 7,680 2.4
KEI Industries Industrials 7,299 2.3
UNO Minda Consumer Discretionary 6,807 2.1
Pidilite Industries Materials 6,765 2.1
Siemens Industrials 6,604 2.1
Karur Vysya Bank Ltd Financials 6,562 2.0
Phoenix Mills Real Estate 6,470 2.0
Top twenty investments 233,144 72.1
Vijaya Diagnostic Centre Health Care 5,822 1.8
Tata Consumer Products Consumer Staples 4,960 1.6
Hindustan Unilever Consumer Staples 4,783 1.5
Aegis Vopak Terminals Energy 4,697 1.4
Cholamandalam Investment and Finance Financials 4,644 1.4
Siemens Energy Industrials 4,550 1.4
Tata Consultancy Services Information Technology 4,201 1.3
Marico Consumer Staples 3,958 1.2
Bharti Hexacom Communication Services 3,953 1.2
KFIN Technologies Financials 3,923 1.2
Top thirty investments 278,635 86.1
Portfolio
34 Aberdeen New India Investment Trust PLC
As at 31 March 2026
Valuation Total assets
AB
2026 2026
Company Industry £’000 %
Coforge Ltd Information Technology 3,859 1.2
Kotak Mahindra Bank Financials 3,710 1.2
Sai Life Sciences Health Care 3,576 1.1
PB Fintech Financials 3,551 1.1
Trent Consumer Discretionary 3,406 1.1
Fortis Healthcare Health Care 3,359 1.0
Time Technoplast Materials 3,290 1.0
Multi Commodity Exchange of India Financials 3,278 1.0
Concord Biotech Health Care 3,198 1.0
IndiGrid Infrastructure Trust Utilities 3,036 0.9
Top forty investments 312,898 96.7
Brigade Enterprises Real Estate 3,015 1.0
Rainbow Children’s Medicare Health Care 2,391 0.8
Coromandel International Materials 2,363 0.7
Central Depository Services Financials 1,649 0.5
LG Electronics India Consumer Discretionary 1,352 0.4
Global Health Ltd/India Health Care 987 0.3
Total investments 324,655 100.4
Net liabilities
B
(1,190) (0.4)
Total assets
BC
323,465 100.0
A
Comprises equity and listed or tradeable American Depositary Shares (“ADS”) holdings.
B
Excluding loan balances.
C
Including net liabilities and deferred tax liability on Indian capital gains.
Unless otherwise stated, investments are in common stock.
Portfolio
Continued
Aberdeen New India Investment Trust PLC 35
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Sector Analysis
As at 31 March 2026
0% 5% 10% 15% 20% 25% 30% 35%
Financials
Consumer Discretionary
Materials
Health Care
Communication Services
Indu str ials
Information Technology
Utilities
Consumer Staples
Ener gy
Real Estate
2026
2025
Sector Allocation
32.9%
14.3%
9.2%
9.0%
8.2%
5.7%
5.5%
4.3%
4.2%
3.8%
2.9%
Financials
Consumer Discretionary
Materials
Health Care
Communication Services
Industrials
Information Technology
Utilities
Consumer Staples
En er gy
Real Estate
Sector allocation
Sector Analysis and Sector Allocation
36 Aberdeen New India Investment Trust PLC
Indian Rupee/Sterling Currency Movement
Year ended 31 March 2026
110
112
114
116
118
120
122
124
126
128
31/03/25 30/04/25 31/05/25 30/06/25 31/07/25 31/08/25 30/09/25 31/10/25 30/11/25 31/12/25 31/01/26 28/02/26 31/03/26
Currency Analysis
Aberdeen New India Investment Trust PLC 37
Governance
38 Aberdeen New India Investment Trust PLC
David Simpson
Independent Non-Executive Chairman and
Chairman of the Nomination Committee
Experience
David initially qualified as a solicitor before following a
career in corporate finance, which included seven
years with Barclays de Zoete Wedd and 15 years
with KPMG, latterly as global head of mergers and
acquisitions. David has worked with numerous major
corporates, listed companies, private equity,
charitable and public bodies. David’s interest in India
derives from his previous career and from his former
role as a non-executive director of ITC Limited, a
major listed Indian company.
Length of service
Appointed a Director on 1 November 2021, Senior
Independent Director on 28 September 2022 and
Chairman on 1 April 2026.
Contribution
The Nomination Committee has reviewed the
contribution of David Simpson, in light of his proposed
re-election as a Director at the forthcoming AGM,
and has concluded that he chairs the Company
expertly, further to taking over on 1 April 2026,
fostering a collaborative spirit between the Board
and Manager while ensuring that meetings remain
focussed on the key areas of stakeholder relevance.
All other public company directorships:
M&G Credit Income Investment Trust plc
(Chairman).
Andrew Robson
Senior Independent Non-Executive Director and
Chairman of the Audit Committee
Experience
A qualified Chartered Accountant, with a
background in investment banking and as a finance
director, Andrew was a director of Robert Fleming &
Co Limited and SG Hambros and finance director at
eFinancialGroup Limited and the National Gallery.
Andrew has been a non-executive director of Baillie
Gifford China Growth Trust PLC, JP Morgan Smaller
Companies Investment Trust plc, Shires Income plc,
Mobeus Income & Growth 4 PLC and British Empire
Securities & General Trust plc.
Length of service
Appointed a Director on 1 August 2022, Chairman of
the Audit Committee on 28 September 2022 and
Senior Independent Director on 1 April 2026.
Contribution
The Nomination Committee has reviewed the
contribution of Andrew Robson and has concluded
that he chairs the Audit Committee expertly as well
as providing to the Board significant investment
insight and knowledge of the investment trust sector.
All other public company directorships:
BlackRock Energy and Resources Income Trust PLC
and JPMorgan European Growth & Income plc.
Board of Directors
Aberdeen New India Investment Trust PLC 39
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Irina Miklavchich
Independent Non-Executive Director and Chair of
the Management Engagement Committee
Experience
Appointed a Director on 20 November 2024 and
Chair of the Management Engagement Committee
on 1 April 2026, Irina was formerly an Executive
Director in Equities Trading at UBS Investment Bank
and, prior to that, she was the Head of Emerging
Markets Equities desk and Fund Manager of the
Global Emerging Markets Fund at Columbia
Threadneedle (EMEA) for over six years. Before that,
Irina spent eight years at Goldman Sachs, initially as
an equity research analyst with the Emerging
Markets and Global Financials teams at Goldman
Sachs Asset Management and latterly as a portfolio
manager and research analyst with Goldman Sachs
Principal Strategies. Irina has strong expertise in
investing in Emerging Markets incorporating
fundamental company analysis, portfolio
construction and risk diversification across sectors
and geographies, including in India.
Length of service
Appointed a Director on 20 November 2024.
Contribution
The Nomination Committee has reviewed the
contribution of Irina Miklavchich in light of her
proposed re-election as a Director at the
forthcoming AGM and has concluded that her
relevant experience of investing in Emerging Markets,
including India, is of particular benefit to the
Company.
All other public company directorships:
None
Francesca Ecsery
Independent Non-Executive Director
Experience
Appointed a Director on 1 April 2026, Francesca
Ecsery has over 30 years’ experience working in both
blue-chip companies and start-ups and has special
expertise in multiplatform consumer marketing,
branding and commercial strategies.
Francesca was previously a non-executive director
at F&C Investment Trust PLC, the Association of
Investment Companies (AIC), Marshall Motor
Holdings PLC, Share PLC and Good Energy Group
PLC and has held various senior positions in
consumer-focused industries including the digital,
retail and leisure and travel sectors. Francesca’s
previous executive roles include McKinsey, PepsiCo,
Thorn EMI, Thomas Cook and STA Travel.
Length of service
Appointed a Director on 1 April 2026.
Contribution
The Nomination Committee has reviewed the
contribution of Francesca Ecsery in light of her
proposed election as a Director at the forthcoming
AGM and has concluded that she brings to the
Board’s deliberations her extensive experience of
investment trusts, including from her time on the
board of the AIC as well as specialist marketing
expertise.
All other public company directorships:
Haffner Energy S.A., Air France S.A. and Henderson
High Income Trust plc.
40 Aberdeen New India Investment Trust PLC
The Directors present their Report and the audited
Financial Statements of the Company for the year ended
31 March 2026, taking account of any events between the
year end and the date of approval of this Report.
Change of Name
On 28 November 2025, the Company changed its name
to Aberdeen New India Investment Trust PLC which the
Board considered to be more consistent with the branding
of the Manager’s parent company, Aberdeen Group plc.
Results
The Company’s results, including its performance for the
year against its Key Performance Indicators (“KPIs”), may
be found on pages 3 and 21.
Investment Trust Status and ISA Compliance
The Company is registered as a public limited company in
England & Wales under registration number 02902424.
With effect from 1 April 2012, the Company was accepted
by HM Revenue & Customs as an investment trust subject
to the Company continuing to meet the eligibility
conditions of s1158 of the Corporation Tax Act 2010 (as
amended) and S.I. 2011/2099. In the opinion of the
Directors, the Company’s affairs have been conducted in
a manner to satisfy these conditions to enable it to
continue to qualify as an investment trust for the period
from 1 April 2012.
The Company is a member of the Association of
Investment Companies.
Individual Savings Accounts
The Company has conducted its affairs so as to satisfy the
requirements as a qualifying security for the stocks and
shares component of an Individual Savings Account
(“ISA”).
Capital Structure and Voting Rights
The Company’s capital structure is summarised in note 14.
At 31 March 2026, the Company's issued share capital
consisted of 43,951,929 Ordinary shares (2025 – 47,855,793
Ordinary shares) with voting rights, each share holding one
voting right in the event of a poll, and an additional
15,118,211 (2025 - 11,214,347) Ordinary shares in treasury,
with no voting rights or entitlement to receive dividends.
During the year ended 31 March 2026, the Company
bought back into treasury 3,903,864 (2025 – 4,252,117)
Ordinary shares. This was equivalent to 8.2% of the
Company’s issued share capital (excluding treasury
shares) at 1 April 2025 (2025 - 8.2%).
Between 1 April 2026 and 16 June 2026, an additional
735,562 Ordinary shares were bought back resulting in the
Company’s issued share capital consisting of 43,216,367
Ordinary shares with voting rights and an additional
15,853,773 shares in treasury as at the date of this Report.
Ordinary shareholders are entitled to vote on all
resolutions which are proposed at general meetings of the
Company. The Ordinary shares carry a right to receive
dividends. On a winding up, after meeting the liabilities of
the Company, the surplus assets will be paid to Ordinary
shareholders in proportion to their shareholdings. There
are no restrictions on the transfer of Ordinary shares in the
Company other than certain restrictions which may from
time to time be imposed by law and regulation.
Manager and Company Secretaries
The Company has appointed the Manager (see Glossary
on page 107) as its alternative investment fund manager,
to provide investment management, risk management,
promotional activities and administration and company
secretarial services to the Company. The Company’s
portfolio is managed by the Investment Manager (see
Glossary on page 107) by way of a group delegation
agreement in place between the Manager and
Investment Manager. In addition, the Manager has sub-
delegated administrative and secretarial services to
abrdn Holdings Limited and promotional activities to
abrdn Investments Limited.
With effect from 1 April 2025, under the management
agreement (“MA”), annual investment management fees
are calculated at 0.8% in respect of the first £300 million of
the Company’s market capitalisation and at 0.6% in
respect of the Company’s market capitalisation in excess
of £300 million. The Company also pays, effective from 1
April 2025, an annual secretarial and fund administration
fee of £45,000, plus applicable VAT, which will increase
each year in line with inflation. From 1 April 2026, this fee
will be £46,485, plus applicable VAT.
Until 31 March 2025, annual investment management fees
were calculated on the same percentage rates as above,
but as a proportion of the Company’s net assets.
Directors’ Report
Aberdeen New India Investment Trust PLC 41
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
There is a rebate for any fees received in respect of any
investments by the Company in investment vehicles
managed by Aberdeen. The MA is terminable by either
party on not less than six months' notice. In the event of
termination on less than the agreed notice period,
compensation is payable to the Manager in lieu of the
unexpired notice period.
The fees, and other expenses, payable to the Manager
during the year ended 31 March 2026 are disclosed in
Notes 4, 5 and 21 to the Financial Statements. The
investment management fees are chargeable 100%
to revenue.
Matters Reserved for the Board
The Board has a schedule of matters reserved to it for
decision and the requirement for Board approval on these
matters is communicated directly to the senior staff of the
Manager. Such matters include strategy and policies on
gearing and treasury. Full and timely information is
provided to the Board to enable the Directors to function
effectively and to discharge their responsibilities.
Directors
At 31 March 2026, the Board consisted of a non-executive
Chairman and three non-executive Directors. Rebecca
Donaldson served as a Director until her death on 19
October 2025. Michael Hughes retired as Chairman of the
Board and as a Director on 31 March 2026. Francesca
Ecsery was appointed a Director on 1 April 2026.
The Chairman of the Audit Committee was Andrew
Robson. The Senior Independent Director was David
Simpson until 31 March 2026. Andrew Robson was
appointed Senior Independent Director on 1 April 2026.
The Chair of the Management Engagement Committee
was Rebecca Donaldson until 19 October 2025, followed
by Michael Hughes until 31 March 2026. Irina Miklavchich
was appointed Chair of the Management Engagement
Committee on 1 April 2026.
Chairman and Senior Independent Director
The Chairman is responsible for providing effective
leadership to the Board, by setting the tone of the
Company, demonstrating objective judgement and
promoting a culture of openness and debate. The
Chairman facilitates the effective contribution and
encourages active engagement by each Director. In
conjunction with the Company Secretary, the Chairman
ensures that Directors receive accurate, timely and clear
information to assist them with effective decision-making.
The Chairman acts upon the results of the Board
evaluation process by recognising strengths and
addressing any weaknesses and also ensures that the
Board engages with major shareholders and that all
Directors understand shareholder views.
The Senior Independent Director acts as a sounding board
for the Chairman and acts as an intermediary for other
directors, when necessary. The Senior Independent
Director is also available to shareholders to discuss any
concerns they may have.
Working closely with the Nomination Committee, the
Senior Independent Director takes responsibility for an
orderly succession process for the Chairman and leads
the annual appraisal of the Chairman’s performance. The
discussions in respect of David Simpson’s appointment as
Chairman of the Board on 1 April 2026 were led by
Andrew Robson as Chairman of the Audit Committee,
further to David Simpson’s role as Senior Independent
Director at that time.
Directors' Insurances and Indemnities
The Company maintains insurance in respect of Directors’
and Officers’ liabilities in relation to their acts on behalf of
the Company. Furthermore, each Director of the
Company is entitled to be indemnified out of the assets of
the Company to the extent permitted by law against all
costs, charges, losses, expenses and liabilities incurred by
them in the actual or purported execution and/or
discharge of their duties and/or the exercise or purported
exercise of their powers and/or otherwise in relation to or
in connection with their duties, powers or office. These
rights are included in the Articles of Association of the
Company and the Company has granted deeds of
indemnities to each Director on this basis.
Board Diversity
The Board recognises the importance of having a range
of skilled, experienced individuals with the right knowledge
represented on the Board in order to allow it to fulfil its
obligations. The Board also recognises the benefits and is
supportive of the principle of diversity in its recruitment of
new Board members. The Board will not display any bias
for age, gender, race, sexual orientation, religion, ethnic or
national origins, socio-economic background or disability
in considering the appointment of its Directors.
42 Aberdeen New India Investment Trust PLC
The Board has resolved that the Company’s year end
date is the most appropriate date for disclosure purposes.
The information in the table below has been provided by
each Director through the completion of questionnaires.
There have been no changes since the year end, as at the
date of approval of this Report.
The Board will continue to ensure that all appointments
are made on the basis of merit against the specification
prepared for each appointment. The Board recognises
the importance of diversity, including ethnic diversity, in
contributing to effective Board composition and decision-
making. As described in the notes to the below table, the
Company does not meet the FCA’s target of having at
least one director from a minority ethnic background. This
target is more challenging for a smaller Board, currently
comprising four non-executive directors.
During the recent succession and recruitment process, the
Board engaged external search consultants and gave
careful consideration to a diverse range of candidates,
including candidates from minority ethnic backgrounds.
The appointment decision was ultimately made on the
basis of the skills, experience and overall fit considered
most complementary with the other Directors, to support
the long-term interests of the Company and its
shareholders at this stage of its development.
The Board remains committed to maintaining an inclusive
and merit-based appointment process and will continue
to consider diversity, alongside skills, experience and
independence, in future succession planning and Board
appointments.
Table for reporting on sex as at 31 March 2026
Number of Board
members
Percentage of the
Board
Number of senior
positions on the Board
(CEO, CFO, Chair and
SID
Number in
executive
management
Percentage of
executive
management
Men 3 75% 2
(note 3) n/a
(note 3)
n/a
(note 3)
Women 1 25% (note 1) -
Not specified/prefer not to say - - -
Table for reporting on ethnic background as at 31 March 2026
Number of Board
members
Percentage of the
Board
Number of senior
positions on the Board
(CEO, CFO, Chair and
SID
Number in
executive
management
Percentage of
executive
management
White British or other White
(including minority-white groups)
5 100% 100%
(note 3) n/a
(note 3)
n/a
(note 3)
Minority ethnic - 0% (note 2)
Not specified/prefer not to say - 0% -
1. From 1 April 2025 until the death of Rebecca Donaldson on 19 October 2025, the Company met the target that at least 40% of
Directors are women as set out in FCA UKLR 6.6.6R (9)(a)(i); the Company did not meet the target between 19 October 2025 and
31 March 2026; the Company meets the target further to the appointment of Francesca Ecsery as a Director on 1 April 2026.
2. Does not meet the target that at least one Director is from a minority ethnic background as set out in FCA UKLR 6,6.6R (9)(a)(iii).
3. The Company is externally managed and does not employ any executive staff, specifically it has neither a CEO nor CFO. The
Board adopts the view that the roles of Chairman of the Board, Senior Independent Director and Chairman of each of the Board
Committees are senior board positions for these purposes. Rebecca Donaldson chaired the Management Engagement
Committee until 19 October 2025 and the Board considers that, until that date, the Company met the target that at least one of
the senior board positions is held by a woman. Thereafter, the Company meets the target further to the appointment of Irina
Miklavchich as Chair of the Management Engagement Committee on 1 April 2026.
Directors’ Report
Continued
Aberdeen New India Investment Trust PLC 43
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Management of Conflicts of Interest and
Anti-Bribery Policy
The Board has a procedure in place to deal with a
situation where a Director has a conflict of interest. As part
of this process, the Directors prepare a list of other
positions held and all other conflict situations that may
need to be authorised either in relation to the Director
concerned or his/her connected persons. The Board
considers each Director’s situation and decides whether
to approve any conflict, taking into consideration what is in
the best interests of the Company and whether the
Director’s ability to act in accordance with his/her wider
duties is affected. Each Director is required to notify the
Company Secretaries of any potential, or actual, conflict
situations which will need authorising by the Board.
Authorisations given by the Board are reviewed at each
Board meeting.
No Director has a service contract with the Company
although Directors are issued with letters of appointment
upon taking up office. Other than the deeds of indemnity
referred to above, there were no contracts with the
Company during, or at the end of the year, in which any
Director was interested.
The Board takes a zero-tolerance approach to bribery
and has adopted appropriate procedures designed to
prevent bribery. The Manager also takes a zero-tolerance
approach and has its own detailed policy and procedures
in place to prevent bribery and corruption.
In relation to the corporate offence of failing to prevent tax
evasion, it is the Company’s policy to conduct all business in
an honest and ethical manner. The Company takes a zero-
tolerance approach to facilitation of tax evasion whether
under UK law or under the law of any foreign country and is
committed to acting professionally, fairly and with integrity
in all its business dealings and relationships.
Corporate Governance
The Company is committed to high standards of
corporate governance. The Board is accountable to the
Company’s shareholders for good governance and this
statement describes how the Company has applied the
principles identified in the UK Corporate Governance
Code as published in January 2024 (the “UK Code”), which
is available on the Financial Reporting Council’s (the “FRC”)
website: frc.org.uk.
The Board has also considered the principles and
provisions of the AIC Code of Corporate Governance as
published in August 2024 (the “AIC Code”). The AIC Code
addresses the principles and provisions set out in the UK
Code, as well as setting out additional provisions on issues
that are of specific relevance to investment companies.
The AIC Code is available on the AIC’s website:
theaic.co.uk. and includes an explanation of how the AIC
Code adapts the principles and provisions set out in the UK
Code to make them relevant for investment companies.
The Board considers that reporting against the principles
and provisions of the AIC Code, which has been endorsed
by the FRC, provides more relevant information to
shareholders.
The Board confirms that, during the year ended 31 March
2026, the Company has complied with the provisions of
the AIC Code and the relevant provisions of the UK Code
except as set out below.
The UK Code includes provisions relating to -
·
interaction with the workforce (provisions 2, 5 and 6);
·
the role and responsibility of the chief executive
(provisions 9 and 14);
·
the composition of the Audit Committee (provision 24);
the other Directors consider that it is appropriate for the
Chairman of the Board to be a member of, but not chair,
the Audit Committee, due to the Board’s small size, the
lack of any perceived conflict of interest, and because
the other Directors believe that David Simpson was
independent on appointment and continues to be
independent;
·
previous experience of the chair of the remuneration
committee (provision 32); and
·
executive directors’ remuneration (provision 33 and
provisions 36 to 40).
44 Aberdeen New India Investment Trust PLC
These provisions are not repeated in the AIC Code and the
Board considers that they are not relevant to the
Company, being an externally managed investment
company. In particular, all of the Company’s day-to-day
management and administrative functions are
outsourced to third parties. As a result, the Company has
no executive directors, employees or internal operations.
The Company has therefore not reported further in
respect of these provisions other than as referenced
above. Full details of the Company’s compliance with the
AIC Code can be found on its website.
The Board is conscious of the updated provisions in the UK
Code (provision 29) and the AIC Code (provision 34),
which are effective for accounting periods beginning on
or after 1 January 2026, so first applicable for the
Company’s financial year starting on 1 April 2026. These
provisions relate to the reporting on the Directors’
monitoring and review of the Company’s internal control
framework and a declaration by the Directors of the
effectiveness of the material controls at the balance sheet
date. The Board intends for the Company to comply with
these provisions during the current financial year and
expects to include the required disclosures in the Annual
Report for the year ended 31 March 2027.
Board Committees
The Directors have appointed a number of Committees as
set out below. Copies of each Committee’s terms of
reference, which define its responsibilities and duties, are
available on the Company’s website or from the
Company Secretaries, on request.
Audit Committee
The Audit Committee’s Report is on pages 50 to 53.
Management Engagement Committee
The Board has established a Management Engagement
Committee comprising all of the Directors which, during
the year, was chaired by Rebecca Donaldson until 19
October 2025 and by Michael Hughes thereafter, until 31
March 2026. Irina Miklavchich was appointed Chair of the
Committee on 1 April 2026.
The Committee is responsible for reviewing matters
concerning the management agreement which exists
between the Company and the Manager together with
the promotional activities programme operated by the
Manager to which the Company contributes. The terms
and conditions of the Manager’s appointment, including
an evaluation of performance and fees, are reviewed
annually and were last considered at the meeting of the
Committee in November 2025.
In monitoring the performance of the Manager, the
Committee considers the investment approach and
investment record of the Manager over shorter and
longer-term periods, taking into account the Company’s
performance against the Benchmark and peer group
funds. The Committee also reviews the management
processes, risk control mechanisms and promotional
activities of the Manager.
Following a thorough review of performance for the year
ended 31 March 2026, the Committee considers the
continuing appointment of the Manager, on the terms
agreed, to be in the interests of the shareholders because
it believes that the Manager has the investment
management, promotional and associated secretarial
and administrative skills required for the effective and
successful operation of the Company.
Nomination Committee
The Board has established a Nomination Committee,
comprising all of the Directors, which was chaired by
Michael Hughes during the year. The Committee is
responsible for undertaking an annual evaluation of the
Board as well as longer term succession planning and,
when appropriate, oversight of appointments to the
Board. The Committee considers the need for a regular
externally evaluated Board evaluation.
In March 2026, the Board facilitated a self-assessment
evaluation, the outcome of which was discussed by the
Chairman with the other Directors. David Simpson, as the
Senior Independent Director, provided feedback to the
Chairman regarding his evaluation by the other Directors.
Directors’ Report
Continued
Aberdeen New India Investment Trust PLC 45
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
New Directors are selected on merit, and with due regard
to the benefits of diversity on the Board, taking care to
ensure, also, that appointees have sufficient time available
to devote to the position. Every Director is entitled to
receive appropriate training as deemed necessary.
In relation to the appointment of Francesca Ecsery as a
Director, the Company engaged Tyzack Partners, an
independent search agency with no other connection to
the Company.
The names, biographies and contribution of each of the
Directors are shown on pages 38 and 39 and indicate their
range of experience as well as length of service. Each
Director has the requisite high level and range of business
and financial experience which enables the Board to
provide clear and effective leadership and proper
stewardship of the Company.
Francesca Ecsery, being eligible, retires and offers herself
for election as a Director of the Company. David Simpson,
Andrew Robson and Irina Miklavchich, each being eligible,
retire and offer themselves for individual re-election as
Directors of the Company.
The Board as a whole, with the relevant Director
abstaining, believes that each Director remains
independent of the Manager and free of any relationship
which could materially interfere with the exercise of his or
her independent judgement on issues of strategy,
performance, resources and standards of conduct and
confirms that, following formal performance evaluations,
the individuals’ performance continues to be effective and
demonstrates commitment to the role.
The Directors attended scheduled Board and Committee
meetings during the year ended 31 March 2026 as
follows (with their eligibility to attend the relevant
meeting in brackets):
Director
Board and
Committee
Meetings
Audit
Committee
Meetings
Management
Engagement
Committee
Meetings
Nomination
Committee
Meetings
Michael
Hughes
10 (10) 3 (3) 1 (1) 3 (3)
David
Simpson
9 (9) 3 (3) 1 (1) 3 (3)
Andrew
Robson
10 (10) 3 (3) 1 (1) 3 (3)
Rebecca
Donaldson
A
6 (6) 1 (1) - (-) 1 (1)
Irina
Miklavchich
9 (9) 3 (3) 1 (1) 3 (3)
A
Deceased on 19 October 2025
The Board considers that four Directors is appropriate for
an investment trust, with due regard to limiting costs.
The Board has also adopted a policy that retirement of a
Director at the AGM following the ninth anniversary of their
appointment, unless in relation to exceptional
circumstances, is an appropriate tenure for Board
members.
The Board is recommending, at the next AGM, the election
of Francesca Ecsery as a Director and the individual re-
elections of David Simpson, Andrew Robson and Irina
Miklavchich as Directors.
As the Company has no employees and the Board is
comprised wholly of non-executive directors and,
given the size and nature of the Company, the Board
has not established a separate remuneration
committee and Directors’ fees are determined by
the Nomination Committee.
46 Aberdeen New India Investment Trust PLC
Accountability and Audit
The responsibilities of the Directors and the Auditor,
Deloitte LLP, in connection with the financial statements,
appear on page 57 and pages 62 and 63, respectively.
The Directors who held office at the date of approval of
this Directors’ Report confirm that, so far as they are each
aware, there is no relevant audit information of which the
Company’s Auditor is unaware, and each Director has
taken all the steps that he or she could reasonably be
expected to have taken as a Director in order to make
himself or herself aware of any relevant audit information
and to establish that the Company’s Auditor is aware
of that information. Additionally, there have been
no important events since the year end which
warrant disclosure.
The Directors review, as applicable, the level of non-audit
services provided by the Auditor, together with the
Auditor's procedures in connection with the provision of
such services. No non-audit services were provided by the
auditor during the year or to the date of this Report. The
Directors remain satisfied that the Auditor is objective
and independent.
Going Concern
In accordance with the Financial Reporting Council’s
guidance on Going Concern and Liquidity Risk, the
Directors have reviewed the Company’s ability to continue
as a going concern. The Company’s assets consist
substantially of a portfolio of quoted securities which in
most circumstances are realisable within a short
timescale. The Directors are mindful of the principal risks
and uncertainties disclosed on pages 21 to 24 and the
financial risks in Note 17 to the financial statements and
have reviewed income forecasts detailing revenue and
expenses for at least 12 months from the date of this
Report. Accordingly, the Directors believe that, the
Company has adequate financial resources to continue in
operational existence for the foreseeable future and for at
least 12 months from the date of this Report.
In advance of the expiry of the bank loan with Royal Bank
of Scotland International Limited (London Branch) in
August 2025, the Company commenced negotiations to
refinance the borrowings. As a result, on 19 June 2025, the
Company announced that it had entered into a three-
year, £30 million revolving credit facility with BNP Paribas
London Branch, of which £12.5 million was drawn down at
31 March 2026 (2025 - £19.5 million).
The Board has set limits for borrowing and regularly
reviews the level of any gearing and compliance with
banking covenants.
The results of stress testing prepared by the Manager,
which models a sharp decline in market levels and
income, demonstrated that the Company had the ability
to raise sufficient funds so as to both pay expenses and
remain within its debt covenants, and to continue to meet
its liabilities as they fall due for at least 12 months from the
date of this Report.
Responsible Investment
The Board is aware of its duty to act in the interests of the
Company. The Board acknowledges that there are risks
associated with investment in companies which fail to
conduct business in a socially responsible manner.
Responsibility for actively monitoring the sustainability
investing activities of portfolio companies has been
delegated by the Board to the Manager which has sub-
delegated that authority to the Investment Manager.
Further information may be found at:
https://www.aberdeenplc.com/en-gb/corporate-
sustainability
Substantial Interests
The Company had been notified of the following share
interests above 3% in the Company as at 31 March 2026:
Shareholder
Number of
shares held % held
City of London Investment
Management 10,550,687
24.0
Lazard Asset Management LLC 5,341,531 12.2
Clients of Interactive Investor
(execution only) 4,928,618 11.2
Clients of Hargreaves Lansdown
(execution only) 3,789,560 8.6
Clients of Aberdeen 2,927,700 6.7
Allspring Global Investments 1,847,325 4.2
Killik 1,400,502
3.2
Directors’ Report
Continued
Aberdeen New India Investment Trust PLC 47
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
The above interests at 31 March 2026 were unchanged at
the date of approval of this Report other than in relation to:
· Lazard Asset Management LLC, which advised the
Company on 28 April 2026 of a holding of 4,891,148
shares, equivalent to 11.2% of the Company’s shares in
issue (excluding treasury shares);
· Clients of Aberdeen, which advised the Company on 7
May 2026 of a holding of 2,359,469 shares, equivalent to
5.4% of the Company’s shares in issue (excluding
treasury shares); and
· City of London Investment Management, which advised
the Company on 22 May 2026 of a holding of 11,788,631
shares, equivalent to 27.1% of the Company’s shares in
issue (excluding treasury shares).
Relations with Shareholders
The Directors place great importance on communication
with shareholders. The Annual Report is widely distributed
to other parties who have an interest in the Company’s
performance. Shareholders and investors may obtain up-
to-date information on the Company through its website,
aberdeennewindia.co.uk. The Company responds to
correspondence from shareholders on a wide range of
issues (for contact details, please see Additional
Shareholder Information).
The Board’s policy is to communicate directly with
shareholders and their representative bodies without the
involvement of the Manager in situations where direct
communication is required and representatives from the
Board offer to meet with major shareholders on an annual
basis in order to gauge their views.
In addition, members of the Board may accompany
the Manager when undertaking meetings with
institutional shareholders.
The Company Secretaries only act on behalf of the Board,
not the Manager, and there is no filtering of
communication. At each Board meeting the Board
receives full details of any communication from
shareholders to which the Chairman responds, as
appropriate, on behalf of the Board.
The Notice of AGM included within the Annual Report is
normally sent out at least 20 working days in advance of
the meeting. All shareholders have the opportunity to put
questions to the Board and Manager prior to the
Company’s AGM.
Annual General Meeting
The AGM will be held on 22 September 2026 and the
Notice of AGM and related notes may be found on pages
102 to 106. Resolutions relating to the following items will
be proposed at the AGM:
Share Repurchases (Resolution 9)
At the AGM held on 23 September 2025, shareholders
approved the renewal of the authority for the Company to
repurchase its Ordinary shares.
The principal aim of a share buyback facility is to reduce
the volatility in the discount. In addition, the purchase of
shares, when they are trading at a discount, should result
in an increase in the NAV per share for the remaining
shareholders. This authority, if conferred, will only be
exercised if to do so would result in an increase in the NAV
per share for the remaining shareholders, and if it is in the
best interests of shareholders generally. Any purchase of
shares will be made within guidelines established from
time to time by the Board. It is proposed to seek
shareholder authority to renew this facility for another
year at the AGM. Under the Listing Rules, the maximum
price that may be paid on the exercise of this authority
must not exceed the higher of: (i) 105% of the average of
the middle market quotations for the shares over the five
business days immediately preceding the date of
purchase; and (ii) the higher of the last independent trade
and the highest current independent bid on the trading
venue where the purchase is carried out. The minimum
price which may be paid is 25p per share. Shares which
are purchased under this authority will either be cancelled
or held as treasury shares.
Renewal of the authority to buy back shares is sought at
the AGM as the Board considers that this mechanism has
assisted in lowering the volatility of the discount reflected
in the Company’s share price and is also accretive, in NAV
terms, for continuing shareholders. Special resolution 9 in
the Notice of AGM will, if passed, renew the authority to
purchase in the market a maximum of 14.99% of shares in
issue as at 16 June 2026, being the nearest practicable
date to the approval of this Report (equivalent to
approximately 6.5 million Ordinary shares). Such authority
will expire on the date of the AGM in 2027 or on 30
September 2027, whichever is earlier. This means in effect
that the authority will have to be renewed at the next
AGM, or earlier, if the authority has been exhausted.
48 Aberdeen New India Investment Trust PLC
Issue of Shares (Resolutions 10 and 11)
Ordinary resolution 10 in the Notice of AGM will, if passed,
renew the authority to allot unissued share capital up to an
aggregate of 10%, equivalent to approximately 4.3 million
Ordinary shares, of the Company’s existing issued share
capital, excluding treasury shares, as at 16 June 2026.
Such authority will expire on the date of the AGM in 2027
or on 30 September 2027, whichever is earlier, which
means that the authority will have to be renewed at the
next AGM or, earlier, if the authority has been exhausted.
When shares are to be allotted for cash, the Companies
Act 2006 (the “Act”) provides that existing shareholders
have pre-emption rights and that the new shares must be
offered first to such shareholders in proportion to their
existing holding of shares. However, shareholders can, by
Special resolution, authorise the Directors to allot shares
otherwise than by a pro rata issue to existing shareholders.
Special resolution 11 will, if passed, give the Directors
power to allot for cash equity securities up to 10%
(equivalent to approximately 4.3 million Ordinary shares),
of the Company’s existing issued share capital as at 16
June 2026, as if Section 561(1) of the Act did not apply.
This is the same nominal amount of share capital which
the Directors are seeking the authority to allot pursuant to
resolution 10. This authority will expire on the date of the
AGM in 2027 or on 30 September 2027, whichever is
earlier, which means that the authority will have to be
renewed at the next AGM or, earlier, if the authority has
been exhausted. This authority will not be used in
connection with a rights issue by the Company.
The Company is permitted to buy back and hold shares in
treasury and then sell them at a later date for cash, rather
than cancelling them. The Treasury Share Regulations
require such sale to be on a pre-emptive, pro rata, basis to
existing shareholders unless shareholders agree by
Special resolution to disapply such pre-emption rights.
Accordingly, in addition to giving the Directors power to
allot unissued Ordinary share capital on a non pre-
emptive basis, resolution 11, if passed, will give the
Directors authority to sell Ordinary shares from treasury
on a non pre-emptive basis. No dividends may be paid on
any shares held in treasury and no voting rights will attach
to such shares. The benefit of the ability to hold treasury
shares is that such shares may be resold.
This should give the Company greater flexibility in
managing its share capital and improve liquidity in its
shares. The Board would only expect to issue new
Ordinary shares or sell Ordinary shares from treasury at a
price per Ordinary share which represented a premium to
the NAV per share. It is also the intention of the Board that
sales from treasury would only take place when the Board
believes that to do so would assist in the provision of
liquidity to the market.
The Directors intend to use the authorities given by
resolutions 10 and 11 to allot shares, or sell shares from
treasury, and disapply pre-emption rights only in
circumstances where this will be clearly beneficial to
shareholders as a whole. The issue proceeds would be
available for investment in line with the Company’s
investment policy.
Amendment to Articles of Association
(Resolution 12)
Resolution 12, which will be proposed as a special
resolution, seeks shareholder approval of the adoption by
the Company of updated Articles of Association (the "New
Articles"). The New Articles are being proposed to reflect
developments in market practice, as well as aligning with
laws and regulations that are applicable to the Company.
Provided that resolution 12 is approved by shareholders at
the Annual General Meeting, the following principal
amendments will be made to the Company's Articles of
Association, via the adoption of the New Articles:
· removing certain provisions in the Articles of Association
which replicate or are inconsistent with the
requirements of the Company under the Companies
Act 2006;
· removing provisions in the Articles of Association relating
to bearer warrants, as such warrants are no longer
permitted to be issued as a matter of UK company law;
· replacing the existing provisions relating to the annual
retirement of directors by rotation, with provisions
requiring all directors to retire at each AGM of the
Company (and, if they wish to do so, to offer themselves
for re-election), in addition to inserting corresponding
provisions which seek to provide a contingency
mechanism, in a potential scenario whereby fewer
directors than the required minimum are successfully
re-elected at an AGM; and
· removing certain provisions relating to the appointment
and employment by the Company of executive
directors (such as a Chief Executive Officer or Managing
Director). This removal has been proposed on the basis
that such positions would not be relevant for a closed-
ended investment company.
Directors’ Report
Continued
Aberdeen New India Investment Trust PLC 49
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
A copy of the New Articles (containing the full terms of the
amendments proposed to be made at the Annual
General Meeting) will be available for inspection at the
registered office at the Company during normal business
hours (Saturdays, Sundays and public holidays excepted)
and for at least 15 minutes before and during the Annual
General Meeting at the registered office of the Company
at 280 Bishopsgate, London, England, EC2M 4AG, and at
the offices of Aberdeen Group plc, 18 Bishops Square,
London, E1 6EG, being the place of the Annual General
Meeting. The proposed New Articles will also be available
for inspection, from the date of this document, on the
Company's website and on the National Storage
Mechanism located at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Recommendation
The Board considers all of the resolutions to be put to
shareholders at the AGM to be in the best interests of the
Company and its members as a whole and are likely to
promote the success of the Company for the benefit of its
members as a whole. Accordingly, the Board unanimously
recommends that shareholders should vote in favour of
the resolutions to be proposed at the Annual General
Meeting, as they intend to do in respect of their own
shareholdings, amounting to 21,046 Ordinary shares.
Additional Information
Where not provided elsewhere in the Directors' Report, the
following provides the additional information required to
be disclosed by The Large and Medium-sized Companies
and Groups (Accounts and Reports) Regulations 2008.
The Company is not aware of any significant agreements
to which it is a party, apart from the management
agreement, that take effect, alter or terminate upon a
change of control of the Company following a takeover.
Other than the management agreement with the
Manager, further details of which are set out on pages 40
and 41, the Company is not aware of any contractual or
other agreements which are essential to its business
which might reasonably be expected to have to been
disclosed in the Directors' Report.
The financial risk management objectives and policies
arising from its financial instruments and the exposure of
the Company to risk are disclosed in Note 17 to the
Financial Statements.
David Simpson
Chairman
17 June 2026
50 Aberdeen New India Investment Trust PLC
The Audit Committee presents its Report for the year
ended 31 March 2026.
Committee Composition
During the year, the Audit Committee was chaired by
Andrew Robson, a Chartered Accountant (member of the
Institute of Chartered Accountants in England & Wales),
with recent and relevant financial experience.
The Committee comprises all of the Directors. Given the
size of the Board and the continued independence of
David Simpson, the other members of the Board consider
it appropriate for all the Directors, including the Chairman
of the Board, to serve on the Committee. The Directors are
satisfied that the Committee as a whole possesses the
competence and experience relevant to the investment
trust sector, enabling it to fulfil its responsibilities effectively.
Role of the Audit Committee
The principal role of the Audit Committee is to assist the
Board in overseeing the reporting of financial information,
the review of financial controls and the management
of risk.
The Committee operates under defined terms of
reference, which are reviewed and reassessed for
adequacy on at least annually. Copies of the terms of
reference are published on the Company’s website and
are available on request.
The Committee meets not less than twice each year, in
line with the cycle of annual and half-yearly reports, which
is considered by the Directors to be a frequency
appropriate to the size and complexity of the Company.
The Committee discharges its responsibilities through the
following key activities:
· reviewing and monitoring the internal control and risk
management systems, including non-financial risks, on
which the Company is reliant. The Directors’ statement
on the Company’s internal controls and risk
management is set out below.
· considering whether there is a need for the Company to
have its own internal audit function.
· monitoring the integrity of the half-yearly and annual
financial statements of the Company and any formal
announcements relating to the Company’s financial
performance, by reviewing, and challenging where
necessary, the actions and judgements of the Manager.
· reviewing and reporting to the Board on significant
financial reporting issues and judgements relating to the
Company’s financial statements and formal financial
announcements.
· reviewing the content of the Annual Report and advising
the Board on whether, taken as a whole, it is fair,
balanced, and understandable, and provides the
information necessary for shareholders to assess the
Company’s position and performance, business model,
and strategy.
· meeting with the Auditor to review the proposed audit
programme and findings and using this opportunity to
assess the effectiveness of the audit process.
· developing and implementing policy on the
engagement of the Auditor to supply non-audit services.
Non-audit fees paid to Deloitte LLP during the year
under review amounted to £nil (2025: £nil paid to KPMG
LLP). All non-audit services must be approved in
advance by the Committee and are reviewed in the
light of relevant guidance and statutory requirements
regarding the provision of non-audit services by the
external audit firm, and the need to maintain the
Auditor’s independence.
· reviewing a statement from the Manager detailing the
arrangements in place whereby staff may confidentially
escalate concerns about possible improprieties in
matters of financial reporting or other issues.
· making recommendations to the Board regarding the
appointment of the Auditor and approving the
remuneration and terms of engagement; and
· monitoring and reviewing the Auditor’s independence,
objectivity, effectiveness, resources, and qualifications,
taking into consideration relevant UK professional and
regulatory requirements.
· to monitor the requirement for rotation of the Auditor
and to oversee any tender for the external audit of the
Company;
· to evaluate its own performance each year, in relation
to discharging its main functions, by means of a section
devoted to the Committee within the Directors’ annual
self-evaluation.
Audit Committee’s Report
Aberdeen New India Investment Trust PLC 51
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Activities during the Year
The Committee met on three occasions during the year
when, amongst other matters, it considered the Annual
Report and the Half-Yearly Report.
Representatives from the Manager’s internal audit and risk
and compliance departments reported to the Committee
at these meetings on topics such as internal control
systems, risk management and the conduct of the
business in the context of its regulatory environment. No
significant weaknesses in the control environment were
identified. The Committee, therefore, concluded that
there were no significant issues requiring to be reported to
the Board in respect of the Company’s internal control
and risk management framework.
In advance of changes to the AIC Code and UK Code, in
effect for the Company from 1 April 2026, the Committee
has started the work to support the Directors’ assessment
and disclosure of the effectiveness of material controls,
building on existing risk management and internal
control processes.
Internal Controls and Risk Management
Ongoing Risk Management Process
The Committee confirms that there is an ongoing process
for identifying, evaluating, and managing the Company’s
significant business and operational risks. This process has
been in place for the year ended 31 March 2026 and up to
the date of approval of the Annual Report. It is regularly
reviewed by the Board and accords with the Financial
Reporting Council’s guidance on internal controls.
Board Oversight and Delegation
The Committee has overall responsibility for ensuring that
a system of internal controls and risk management is in
place, and for reviewing its effectiveness.
The Board has contractually delegated to external
agencies, including the Manager and other service
providers, certain services: the management of the
investment portfolio, the depositary services (which
include the custody and safeguarding of the assets), the
share registration services and the day-to-day
accounting and company secretarial requirements. Each
of these contracts was entered into after full and proper
consideration by the Directors of the quality and cost of
services offered in so far as they relate to the affairs of the
Company. The Committee receives and considers reports
from each service provider, including the Manager, on a
regular basis. In addition, ad hoc reports and information
are supplied to the Directors as requested.
The system of internal controls and risk management is
tailored to the Company’s specific needs and the risks to
which it is exposed. Accordingly, it is designed to manage,
rather than eliminate, the risk of failure to achieve business
objectives and, by its nature, can only provide reasonable
and not absolute assurance against material
misstatement or loss. Given the Company’s outsourced
model and scale, the Directors consider the risk
management and internal control framework to be
proportionate to the nature, size and complexity of
the Company.
Control Framework
The design, implementation and maintenance of controls
and procedures to safeguard the assets of the Company
and to manage its affairs properly extend to operational
and compliance controls and risk management. The
Committee prepares its own risk register which lists
potential risks including those principal risks and
uncertainties set out on pages 21 to 24. The Committee
considers the potential causes and possible effects of
these risks as well as reviewing the controls in place to
mitigate them.
52 Aberdeen New India Investment Trust PLC
Reporting and Accountability
Clear lines of accountability have been established
between the Committee and the Manager. The
Committee receives regular reports covering key
performance and risk indicators and considers control
and compliance issues brought to its attention. In carrying
out its review, the Committee has had regard to the
activities of the Manager, including its internal audit and
compliance functions.
Review of Manager’s Control Systems
The Committee has reviewed the Manager’s process for
identifying and evaluating the significant risks faced by the
Company and the policies and procedures by which these
risks are managed. It has also reviewed the effectiveness
of the Manager’s system of internal control including its
annual internal controls report prepared in accordance
with the International Auditing and Assurance Standards
Board’s International Standard on Assurances
Engagements (“ISAE”) 3402, “Assurance Reports on
Controls at a Service Organisation”. Any weaknesses
identified are reported to the Committee and timetables
are agreed for implementing improvements to systems.
The implementation of any remedial action required is
monitored and feedback provided to the Committee.
Key Components of Internal Control
The key components designed to provide effective
internal control are outlined below:
·
written agreements that clearly define the roles and
responsibilities of the Manager and other third-party
service providers. These agreements are reviewed
periodically by the Committee.
·
clearly defined investment criteria specified levels of
authority and exposure limits agreed between the
Committee and the Manager. Reports on these matters,
including performance statistics and investment
valuations, are regularly submitted to the Committee.
·
forecasts and management accounts prepared by the
Manager, enabling the Committee to assess the
Company’s activities and review its performance.
·
ongoing review of operations by the Manager’s internal
audit and compliance departments.
Consideration of an Internal Audit Function
The Committee has considered the need for the
Company to establish its own internal audit function. As
the Company has no employees, and the day-to-day
management of the Company’s assets has been
delegated to the Manager, which has its own compliance
and internal control systems, the Directors have decided
that the Company may rely on those systems.
Financial Statements and Significant Issues
During its review of the Company’s financial statements
for the year ended 31 March 2026, the Committee
considered the following significant issues, particularly
those communicated by the Auditor during its planning
and reporting of the year-end audit:
Valuation, Existence and Ownership of Investments
The Company uses the services of an independent
depositary, BNP Paribas S.A., London Branch (the
“Depositary”), to hold its assets. An annual internal controls
report is received from the Depositary and reviewed by
the Committee. This report provides details of the
Depositary’s control environment.
The investment portfolio is reconciled regularly by the
Manager and reviewed and verified on an ongoing basis.
Management accounts, including a full portfolio listing, are
prepared quarterly and considered at the quarterly
meetings of the Board. The valuation of investments is
undertaken in accordance with the accounting policies
disclosed in Notes 2 (a) and 2(g) to the financial
statements. With reference to the IFRS 13 fair value
hierarchy, all of the Company’s investments at 31 March
2026 were categorised as Level 1 as they are considered
liquid and quoted in active markets.
The Committee satisfied itself that there were no issues
associated with the valuation, existence, or ownership of
the investments which required further action.
Review of Financial Reporting
When considering the draft Annual Report and financial
statements for the year ended 31 March 2026, the
Committee concluded that, taken as a whole, the Annual
Report is fair, balanced, and understandable. It provides
the information necessary for shareholders to assess the
Company’s position and performance, business model,
and strategy.
In reaching this conclusion, the Committee assumed that
the reader of the Annual Report and financial statements
would have a reasonable knowledge of the investment
industry in general, and of investment trusts in particular.
Audit Committee’s Report
Continued
Aberdeen New India Investment Trust PLC 53
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Other issues addressed
As well as fraud risk and corporate governance
disclosures, the other accounting area of financial
reporting particularly considered by the Committee was
compliance with Sections 1158 and 1159 of the
Corporation Tax Act 2010. Approval of the Company as
an investment trust under those sections for financial
years commencing on or after 1 April 2012 has been
obtained and ongoing compliance with the eligibility
criteria is monitored on a regular basis by the Manager
and reported to the Directors.
Review of Independent Auditor
The Committee has reviewed the effectiveness of the
independent Auditor, Deloitte LLP, across the following
areas:
·
Independence - the Auditor discusses with the
Committee, at least annually, the steps it takes to ensure
its independence and objectivity and makes the
Committee aware of any potential issues, explaining all
relevant safeguards;
·
Quality of audit work - including the ability to resolve
issues in a timely manner, its communications/
presentation of outputs and working relationship with
management. The Committee was satisfied that the
Independent Auditor demonstrated an appropriate
level of scepticism;
·
Quality of people and service - including continuity and
succession plans (the audit team is made up of
sufficient, suitably experienced staff with provision
made for knowledge of the investment trust sector and
retention on rotation of the senior statutory auditor); and
·
Fees - the Committee considered the current audit fees
to ensure that they remained appropriate and
proportionate to the scope and quality of the audit
services provided. The Auditor’s report is included on
pages 58 to 65. The fees payable to Deloitte LLP for the
statutory audit services in respect of the year ended 31
March 2026 were £65,000 (2025: £80,000 payable to
KPMG LLP), both figures exclusive of VAT.
Audit tender and proposed re-appointment
of Deloitte LLP as Auditor
Listed companies are required to tender the external audit
at least every ten years and to change Auditor at least
every twenty years. In November 2024, the Committee
conducted a tender for the external audit of the
Company’s financial statements for the years ending on
or after 31 March 2026.
Deloitte LLP was selected by the Committee as Auditor
and their formal appointment was approved by
shareholders at the AGM on 23 September 2025.
Resolution 8, at the forthcoming AGM on 22 September
2026, proposes to shareholders the reappointment of
Deloitte LLP as Auditor and also seeks authorisation for the
Directors to fix the Auditor’s remuneration for the year to
31 March 2027.
In accordance with professional and regulatory
standards, the senior statutory auditor is rotated at least
every five years in order to protect independence and
objectivity and to provide fresh challenge to the business.
The year ended 31 March 2026 is the first year for which
Chris Hunter has served as the senior statutory auditor.
On behalf of the Audit Committee
Andrew Robson
Chairman of the Audit Committee
17 June 2026
54 Aberdeen New India Investment Trust PLC
This Directors’ Remuneration Report comprises
three parts:
1. a Remuneration Policy, which is subject to a binding
shareholder vote every three years, was most
recently approved by shareholders at the AGM on 27
September 2023 where the votes for the relevant
resolution, on a poll, were: For – 32,556,121 votes
(99.8%); Against – 55,148 votes (0.2%); and Withheld –
28,130 votes. The Remuneration Policy will be put to
shareholders again at the AGM on 22 September
2026 (see Resolution 3);
2. an annual Implementation Report, which is subject to
an advisory vote; and
3. an Annual Statement.
The law requires the Company’s Auditor to audit certain of
the disclosures provided. Where disclosures have been
audited, they are indicated as such. The Auditor’s opinion
is included in their report on pages 58 to 65.
The Directors’ Remuneration Policy and level of Directors’
remuneration are determined by the Nomination
Committee, which was chaired by Michael Hughes
throughout the year, and comprises all of the Directors.
The Remuneration Policy is reviewed by the Nomination
Committee on an annual basis.
This part of the Remuneration Report provides details of
the Company’s Remuneration Policy for Directors of the
Company. This policy takes into consideration the
principles of the UK Corporate Governance Code. No
shareholder views were sought in setting the
Remuneration Policy although any comments received
from shareholders would be considered on an ongoing
basis. As the Company has no employees and the Board
is comprised wholly of non-executive Directors and, given
the size and nature of the Company, the Board has not
established a separate Remuneration Committee during
the year under review. The Nomination Committee is
responsible for determining Directors’ remuneration.
Remuneration Policy
The Board’s policy is that the remuneration of non-
executive Directors should be sufficient to attract
Directors of the quality required to run the Company
successfully. The remuneration should also reflect the
nature of the Directors’ duties, responsibilities and the
value of their time spent and be fair and comparable
to that of other investment trusts that are similar in
size and have a similar capital structures and
investment objectives.
Appointment
·
The Company only intends to appoint non-executive
Directors.
·
All the Directors are non-executive appointed under the
terms of Letters of Appointment.
·
Directors must retire and be subject to election, at the
first AGM after their appointment, and re-election at
least every three years thereafter, although the Board
has approved a policy of annual re-election.
·
New appointments to the Board will be placed on the
fee applicable to all Directors at the time of
appointment.
·
No incentive or introductory fees will be paid to
encourage a Directorship.
·
The Directors are not eligible for bonuses, pension
benefits, share options, long term incentive schemes or
other benefits.
·
Directors are entitled to reimbursement of out-of-
pocket expenses incurred in connection with the
performance of their duties, including travel expenses.
·
The Company indemnifies its Directors for all costs,
charges, losses, expenses and liabilities which may be
incurred in the discharge of their duties.
Performance, Service Contracts,
Compensation and Loss of Office
·
The Directors’ remuneration is not subject to any
performance-related fee.
·
No Director has a service contract.
·
No Director was interested in contracts with the
Company during the period or subsequently.
·
The terms of appointment provide that a Director may
be removed without notice.
·
Compensation will not be due upon leaving office.
·
No Director is entitled to any other monetary payment
or to any assets of the Company.
Statement of Voting at General Meeting
At the Company’s last AGM, held on 23 September 2025,
shareholders approved the Directors’ Remuneration
Report (other than the Directors’ Remuneration Policy) in
respect of the year ended 31 March 2025 and the
following votes, on a poll, were received on the Resolution:
For - 23,619,946 votes (99.8%); Against – 50,492 votes
(0.2%); and Withheld – 21,480 votes.
Directors’ Remuneration Report
Aberdeen New India Investment Trust PLC 55
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
The fact that the Remuneration Policy is subject to a
binding vote at every third AGM does not imply any
change on the part of the Company. The principles
remain the same as for previous years. There have been
no changes to the Directors’ Remuneration Policy during
the period of this Report nor are there any proposals for
the foreseeable future.
Implementation Report
The Directors are non-executive and the limit on their
aggregate annual fees is set at £250,000 within the
Company’s Articles of Association. This limit may only be
amended by shareholders and a resolution to increase
the limit from £200,000 was last approved by shareholders
at the AGM on 23 September 2025.
Review of Directors’ Fees
The Directors’ fees for the year and the preceding year
are set out in the table below.
Year ended
31 March 2026
£
31 March 2025
£
Chairman 44,000 40,000
Chairman of Audit
Committee
37,000 34,500
Senior Independent
Director
34,000 30,000
Director 33,000 30,000
The Nomination Committee carried out a review of
Directors’ annual fees during the year, including assessing
the prevailing inflation rate and the increased time
required by the Company to devote to regulatory matters,
The Nomination Committee concluded that these fees
should change, with effect from 1 April 2026, to the
following rates: £47,500 for the Chairman, £39,000 for the
Chairman of the Audit Committee, and £35,000 for each
other Director. For the year ended 31 March 2027, the
Nomination Committee has dispensed with a
differentiated fee for the Senior Independent Director.
There are no further fees to disclose as the Company has
no employees, chief executive or executive directors.
Spend on Pay
As the Company has no employees, the Directors do not
consider it appropriate to present a table comparing
remuneration paid to employees with distributions to
shareholders. The fees paid to Directors are shown
in the table above.
Fees Payable (Audited)
The Directors who served in the year received the fees, as
set out in the table below, which excluded employers’
National Insurance contributions.
Year ended Year ended
31 March 2026 31 March 2025
Director £ £
Michael Hughes 44,000 40,000
David Simpson 34,000 30,000
Andrew Robson 37,000 34,500
Rebecca Donaldson
A
18,185 30,000
Irina Miklavchich 33,000 10,917
Total 166,185 145,417
A
As at date of death – 19 October 2025
Fees are pro-rated where a change takes place during a
financial year. There were no payments to third parties
from the fees referred to in the table above.
Company Performance
During the year the Board carried out a review of
investment performance. The graph shows the share
price total return (assuming all dividends are reinvested)
to Ordinary shareholders compared to the total return
from the Benchmark for the ten-year period to 31 March
2026 (rebased to 100 at 31 March 2016). This Benchmark
was selected for comparison purposes as it is used by the
Board for investment performance measurement.
100
120
140
160
180
200
220
240
260
280
2016 20 17 2018 2019 2020 2021 2022 2023 2024 2025 2026
Share Pric e NAV Be nchm ark
56 Aberdeen New India Investment Trust PLC
Annual Percentage Change in Directors‘ Remuneration (Audited)
The table below sets out the annual percentage change in Directors’ fees for the past five years.
Year ended
31 March
2026
%
Year ended
31 March
2025
%
Year ended
31 March
2024
%
Year ended
31 March
2023
%
Year ended
31 March
2022
%
Michael Hughes
A
10.0 0.0 18.3 22.9 1.9
David Simpson
B
13.3 0.0 3.4 153.1 n/a
Andrew Robson
C
7.2 0.0 61.6 n/a n/a
Rebecca
Donaldson
D
-39.4 0.0 3.5 5.5 74.6
Irina Miklavchich
E
202.3 100.0 n/a n/a n/a
Hasan Askari
F
n/a n/a n/a -47.8 1.4
Stephen White
F
n/a n/a n/a -46.5 1.7
Rachel Beagles
G
n/a n/a n/a n/a n/a
A
Appointed as a Director on 7 September 2026 and Chairman on
28 September 2022.
B
Appointed as a Director on 1 November 2021 and Senior Independent Director
on 28 September 2022.
C
Appointed as a Director on 1 August 2022 and Chairman of the Audit Committee on 28 September 2022.
D
Appointed as a Director on 1 September 2020; date of death, 19 October 2025
E
Appointed as a Director on 20 November 2024.
F
Retired as a Director on 28 September 2022.
G
Retired as a Director on 23 September 2020.
Directors’ Interests in the Company (Audited)
The Directors are not required to have a shareholding in
the Company. The Directors (including their connected
persons) at 31 March 2026 and 31 March 2025 had no
interest in the share capital of the Company other than
those interests, all of which are beneficial, included in the
table, which were also unchanged as at the date of
this Report, other than the purchase by Irina Miklavchich of
4,000 shares on 18 April 2026 and the purchase by
Francesca Ecsery of 436 shares on 7 May 2026.
31 March 2026 31 March 2025
Ord. 25p Ord. 25p
Michael Hughes 8,115 8,115
David Simpson 7,110 3,860
Andrew Robson 5,500 4,000
Rebecca Donaldson 5,763
A
5,763
Irina Miklavchich 4,000 2,000
A
As at date of death on 19 October 2025
Annual Statement
On behalf of the Board and in accordance with Part 2 of
Schedule 8 of the Large and Medium-sized Companies
and Groups (Accounts and Reports) (Amendment)
Regulations 2013, the Board confirms that the above
Report on Remuneration Policy and Remuneration
Implementation summarises, as applicable, for the year
ended 31 March 2026:
·
the major decisions on Directors’ remuneration;
·
any substantial changes relating to Directors’
remuneration made during the year; and
·
the context in which the changes occurred and in which
decisions have been taken.
This report was approved by the Board of Directors on 17
June 2026 and signed on its behalf by:
David Simpson,
Chairman
Directors’ Remuneration Report
Continued
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Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Directors’ Responsibilities
The Directors are responsible for preparing the Annual
Report and the financial statements in accordance with
UK-adopted international accounting standards, the
requirements of the Companies Act 2006 and applicable
law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the
Directors have elected to prepare the financial
statements in accordance with UK-adopted international
accounting standards. Under company law the Directors
must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of
affairs of the Company and of the profit or loss for the
Company for that period.
In preparing these financial statements, the Directors are
required to:
·
select suitable accounting policies and then apply
them consistently;
·
make judgements and accounting estimates that are
reasonable and prudent;
·
state whether applicable UK-adopted international
accounting standards have been followed, subject to
any material departures disclosed and explained in the
financial statements;
·
prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the
company will continue in business; and
·
prepare a director’s report, a strategic report and
director’s remuneration report which comply with the
requirements of the Companies Act 2006.
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and explain
the Company’s transactions and disclose with reasonable
accuracy at any time the financial position of the
Company and enable them to ensure that the financial
statements comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of
the Company and hence for taking reasonable steps for
the prevention and detection of fraud and other
irregularities. In accordance with their responsibilities, the
Directors confirm that, to the best of their knowledge, the
Annual Report and financial statements, taken as a whole,
is fair, balanced, and understandable and provides the
information necessary for shareholders to assess the
position, performance, business model and strategy.
Website Publication
The Directors are responsible for ensuring the Annual
Report and the financial statements are made available
on a website. The financial statements are published on
aberdeennewindia.co.uk, the Company’s website, in
accordance with legislation in the United Kingdom
governing the preparation and dissemination of financial
statements, which may vary from legislation in other
jurisdictions. The maintenance and integrity of the
Company's website is the responsibility of the Directors.
The Directors' responsibility also extends to the ongoing
integrity of the financial statements contained therein.
Directors’ Responsibilities Pursuant to DTR4
The Directors confirm to the best of their knowledge:
·
the financial statements have been prepared in
accordance with applicable UK-adopted international
accounting standards and give a true and fair view of
the assets, liabilities, financial position and profit of the
Company;
·
the strategic report includes a fair review of the
development and performance of the business and the
financial position of the Company, together with a
description of the principal risks and uncertainties that
they face; and
·
the annual report and financial statements, taken as a
whole, are fair, balanced and understandable and
provide the information necessary for shareholders to
assess the Company’s position and performance,
business model and strategy.
This report was approved by the Board of directors on 17
June 2026 and signed on its behalf by:
David Simpson,
Chairman
Statement of Directors’ responsibilities in respect of the
Annual Report and financial statements
58 Aberdeen New India Investment Trust PLC
Report on the audit of the financial statements
1. Opinion
In our opinion the financial statements of Aberdeen New India Investment Trust PLC (the “Company”):
·
give a true and fair view of the state of the Company’s affairs as at 31 March 2026 and of its loss for the year then
ended;
·
have been properly prepared in accordance with United Kingdom adopted international accounting standards; and
the Statement of Recommended Practice issued by the Association of Investment Companies in July 2022 ‘Financial
Statements of Investment Trust Companies and Venture Capital Trusts’; and
·
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
·
the Statement of Comprehensive Income;
·
the Statement of Financial Position;
·
Statement of Changes in Equity;
·
Statement of Cash Flows, and
·
the related notes 1 to 22.
The financial reporting framework that has been applied in their preparation is applicable law, United Kingdom adopted
international accounting standards and the Statement of Recommended Practice issued by the Association of
Investment Companies in July 2022 ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts’
(‘SORP’).
2. Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the
financial statements section of our report.
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the
financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard as applied to
listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We confirm that we have not provided any non-audit services prohibited by the FRC’s Ethical Standard to
the Company.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independent Auditor’s Report to the Members of
Aberdeen New India Investment Trust PLC
Aberdeen New India Investment Trust PLC 59
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
3. Summary of our audit approach
Key audit matter The key audit matter that we identified in the current year was:
Valuation and existence of listed investments.
Materiality The materiality that we used in the current year was £3.1m (2025: £4.7m) which was
determined on the basis of 1% of net assets.
Scoping Audit work to respond to the risks of material misstatement was performed directly by the
audit engagement team.
4. Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting
in the preparation of the financial statements is appropriate.
Our evaluation of the Directors’ assessment of the Company’s ability to continue to adopt the going concern basis of
accounting included:
·
Obtaining an understanding of management’s process for evaluating the Company’s ability to continue as a going
concern;
·
Evaluating the output of management's assessment of the Company's ability to remain as investment trust, including
consideration towards likely outcome of the continuation vote scheduled for September 2027;
·
Assessing the performance and position of the Company, including its cash position, dividend income and
management fee expenses;
·
Assessing whether the Company has complied with the covenant tests for its borrowings facility in order to assess the
continued availability of that facility;
·
Assessing the risks to the investment portfolio of market altering factors such as inflation and increased interest rates,
by evaluating the Company’s operational impact and business continuity plans;
·
Assessing the Company’s ability to cover its expenses for the 12-month period from the date of signing the financial
statements, including the ability of the Company to exit underperforming investments, if needed; and
·
Assessing the appropriateness of the disclosures in the financial statements relating to going concern.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions
that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a
period of at least twelve months from when the financial statements are authorised for issue.
In relation to the reporting on how the Company has applied the UK Corporate Governance Code, we have nothing
material to add or draw attention to in relation to the directors’ statement in the financial statements about whether the
directors considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant
sections of this report.
60 Aberdeen New India Investment Trust PLC
5. Key audit matter
The key audit matter communicated below is the matter that, in our professional judgement, was of most significance in
our audit of the financial statements of the current year and included the most significant assessed risk of material
misstatement (whether or not due to fraud) that we identified. This matter had the greatest effect on: the overall audit
strategy; the allocation of resources in the audit; and directing the efforts of the engagement team.
This matter was addressed in the context of our audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on this matter.
5.1 Valuation and existence of listed investments
Key audit matter description As an investment entity, the Company holds listed investments of
£324.7m as at 31 March 2026 (2025: £464.1m). These represent the
most quantitatively significant financial statement line on the
statement of financial position.
There is a risk that listed investment may not be valued correctly or
may not represent an asset of the Company. Given the nature and
size of the balance and its importance to the Company, we have
considered that there is a potential risk of fraud in this area.
Refer to note 2(g) to the financial statements for the accounting
policy on investments and details of the listed investments are
disclosed in note 10 to the financial statements. The valuation and
existence of listed investments has been included in the Audit
Committee’s Report on page 52 as a significant reporting matter.
How the scope of our audit responded to
the key audit matter
We performed the following procedures to address the valuation
and existence of the listed investment portfolio:
·
We obtained an understanding of and assessed the relevant
controls over the valuation and existence of listed investments;
·
We agreed the bid prices of 100% of listed investments on the
investment ledger to closing bid prices published by an
independent pricing source;
·
We agreed 100% of investments at the year-end date by obtaining
independent third-party confirmations directly from the custodian;
and
·
Assessed the completeness and appropriateness of disclosures in
relation to fair value measurement and liquidity risk.
Key observations Based on the work performed, we concluded that the valuation and
existence of listed investments were appropriate.
Independent Auditor’s Report to the Members of
Aberdeen New India Investment Trust PLC
Continued
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Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
6. Our application of materiality
6.1 Materiality
Materiality £3.1m (2025: £4.7m)
Basis for determining materiality 1% of net assets.
In 2025 the previous auditors set materiality on the basis of 1% of
total assets.
Rationale for the benchmark applied Net assets have been considered the most relevant benchmark for
investors being a key driver of shareholder value.
6.2 Performance materiality
We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate,
uncorrected and undetected misstatements exceed the materiality for the financial statements as a whole.
Performance materiality was set at 70% of materiality for the 2026 audit (2025: 75%). In determining performance
materiality, we considered the following factors:
a) our risk assessment, including our assessment of the Company’s overall controls environment; and
b) there have been no significant changes in the business structure and operations.
6.3 Error reporting threshold
We agreed with the Audit Committee that we would report to the Committee all audit differences in excess of £0.2m
(2025: £0.2m), as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds.
We also report to the Audit Committee on disclosure matters that we identified when assessing the overall presentation
of the financial statements.
7. An overview of the scope of our audit
7.1 Scoping
Our audit was scoped by obtaining an understanding of the Company and its environment, including internal control and
assessing the risks of material misstatement. Audit work to respond to the risks of material misstatement was performed
directly by the audit engagement team.
62 Aberdeen New India Investment Trust PLC
7.2 Our consideration of the control environment
In assessing the Company’s control environment, we considered controls in place at the Company’s service
organisation, BNP Paribas, which acts as administrator. As part of this we evaluated the System and Organisation
Controls (SOC 1) Report of BNP Paribas which covers the period from 1st October 2024 to 30th September 2025. We
evaluated the SOC 1 report in respect of general IT controls and obtained an understanding of and assessed relevant
controls over the process around the valuation and existence of listed investments. We have obtained a bridging letter to
cover the six-month period between the date of the controls report and the date of the annual report.
We also obtain an understanding of relevant controls over the financial reporting process and the posting of journal
entries and other adjustments made in the preparation of financial statements.
7.3 Our consideration of climate-related risks
In planning our audit, we have considered the potential impact of climate change on the Company’s business and its
financial statements. The Company continues to develop its assessment of the potential impacts of environmental,
social and governance (“ESG”) on the Company, including climate change, as outlined in the Strategic Report on pages
24 to 26. As part of our audit, we held discussions with management to understand the process of identifying climate-
related risks, management’s determination of mitigating actions and the impact on the Company’s financial statements.
We performed our own qualitative risk assessment of the potential impact of climate change on the Company’s
account balances and classes of transactions and did not identify any additional risk of material misstatement. We have
read the disclosures in relation to climate change made in the other information within the annual report to considers
whether the disclosures are materially consistent with the financial statements and our knowledge obtained in the audit.
8. Other information
The other information comprises the information included in the Annual Report, other than the financial statements and
our auditor’s report thereon. The Directors are responsible for the other information contained within the Annual Report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to
be materially misstated.
If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether
this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are required to
report that fact.
We have nothing to report in this regard.
9. Responsibilities of Directors
As explained more fully in the Statement of Directors’ Responsibilities, the Directors are responsible for the preparation of
the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the
directors determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a
going concern, disclosing as applicable, matters related to going concern and using the going concern basis of
accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic
alternative but to do so.
Independent Auditor’s Report to the Members of
Aberdeen New India Investment Trust PLC
Continued
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10. Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
11. Extent to which the audit was considered capable of detecting irregularities,
including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The
extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
11.1 Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-
compliance with laws and regulations, we considered the following:
· the nature of the industry and sector, control environment and business performance including the design of the
Company’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets
· results of our enquiries of management, the Directors and the Audit Committee about their own identification and
assessment of the risks of irregularities, including those that are specific to the Company’s sector;
· any matters we identified having obtained and reviewed the Company’s documentation of their policies and
procedures relating to:
· identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of
non-compliance;
· detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
· the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
· the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for
fraud and identified the greatest potential for fraud in the valuation and existence of listed investments. In common with
all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management
override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on
provisions of those laws and regulations that had a direct effect on the determination of material amounts and
disclosures in the financial statements. The key laws and regulations we considered in this context included the UK
Companies Act, Listing Rules, tax legislation, and Association of Investment Companies SORP.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial
statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material
penalty. These included the requirements of the United Kingdom’s Financial Conduct Authority (“FCA”), Alternative
Investment Fund Managers Directive.
64 Aberdeen New India Investment Trust PLC
11.2 Audit response to risks identified
As a result of performing the above, we identified the valuation and existence of listed investments as a key audit matter
related to the potential risk of fraud. The key audit matters section of our report explains the matter in more detail and
also describes the specific procedures we performed in response to that key audit matter.
In addition to the above, our procedures to respond to risks identified included the following:
· reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as having a direct effect on the financial statements;
· enquiring of management and the Audit Committee concerning actual and potential litigation and claims;
· performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
· reading minutes of meetings of those charged with governance and FCA correspondence; and
· in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries
and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a
potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the
normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members,
and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
12. Opinions on other matters prescribed by the Companies Act 2026
In our opinion the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance
with the Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
· the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
· the Strategic report and the Directors’ Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit,
we have not identified any material misstatements in the Strategic Report or the Directors’ Report.
13. Corporate Governance Statement
The Listing Rules require us to review the Directors' Statement in relation to going concern, longer-term viability and that
part of the Corporate Governance Statement relating to the Company’s compliance with the provisions of the UK
Corporate Governance Code specified for our review.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the
Corporate Governance Statement is materially consistent with the financial statements and our knowledge obtained
during the audit:
· the Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and
any material uncertainties identified set out on page 46;
· the Directors’ explanation as to its assessment of the Company’s prospects, the period this assessment covers and
why the period is appropriate set out on page 26;
· the Directors' statement is fair, balanced and understandable as set out on page 52;
· the Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on
pages 21 to 24;
· the section of the Annual Report that describes the review of effectiveness of risk management and internal control
systems set out on pages 51 and 52; and
· the section describing the work of the Audit Committee set out on pages 50 to 53.
Independent Auditor’s Report to the Members of
Aberdeen New India Investment Trust PLC
Continued
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Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
14. Matters on which we are required to report by exception
14.1 Adequacy of explanations received and accounting records
Under the Companies Act 2006 we are required to report to you if, in our opinion:
· we have not received all the information and explanations we require for our audit; or
· adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
· the financial statements are not in agreement with the accounting records and returns.
We have nothing to report in respect of these matters.
14.2 Directors’ remuneration
Under the Companies Act 2006 we are also required to report if in our opinion certain disclosures of Directors’
remuneration have not been made or the part of the directors’ remuneration report to be audited is not in agreement
with the accounting records and returns.
15. Other matters which we are required to address
15.1 Auditor tenure
Following the recommendation of the Audit Committee, we were appointed by shareholders at the annual general
meeting on 23 September 2025 to audit the financial statements for the period ending 31 March 2026 and subsequent
financial periods. The period of total uninterrupted engagement of the firm is one year, covering the year ending 31
March 2026.
15.2 Consistency of the audit report with the additional report to the Audit Committee
Our audit opinion is consistent with the additional report to the Audit Committee we are required to provide in
accordance with ISAs (UK).
16. Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those
matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as
a body, for our audit work, for this report, or for the opinions we have formed.
Chris Hunter CA (Senior statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
Aberdeen, United Kingdom
17 June 2026
66 Aberdeen New India Investment Trust PLC
Financial
Statements
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Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Year ended Year ended
31 March 2026 31 March 2025
Revenue Capital Revenue Capital
return return Total return return Total
Notes £’000 £’000 £’000 £’000 £’000 £’000
Income
Income from investments 3 3,847 – 3,847 4,664 – 4,664
Interest 3 150 – 150 144 – 144
(Losses)/gains on investments held at fair value
through profit or loss
10(a) – (87,983) (87,983) – 47,026 47,026
Currency losses – (886) (886) – (498) (498)
3,997 (88,869) (84,872) 4,808 46,528 51,336
Expenses
Investment management fees 4 (2,699) – (2,699) (3,428) – (3,428)
Administrative expenses 5 (1,162) – (1,162) (1,057) – (1,057)
(3,861) – (3,861) (4,485) – (4,485)
Profit/(loss) before finance costs and taxation 136 (88,869) (88,733) 323 46,528 46,851
Finance costs 6 (1,289) – (1,289) (1,981) – (1,981)
(Loss)/profit before taxation (1,153) (88,869) (90,022) (1,658) 46,528 44,870
Taxation 7 (382) 6,117 5,735 (471) (12,924) (13,395)
(Loss)/profit for the year (1,535) (82,752) (84,287) (2,129) 33,604 31,475
(Loss)/return per Ordinary share (pence) 9 (3.36) (181.38) (184.74) (4.24) 66.93 62.69
The Company does not have any income or expense that is not included in “(Loss)/profit for the year”, and therefore this represents
the “Total comprehensive income for the year”, as defined in IAS 1 (revised).
All of the (loss)/profit and total comprehensive income is attributable to the equity holders of the Company. There are no non-
controlling interests.
The total column of this statement represents the Statement of Comprehensive Income of the Company, prepared in accordance
with UK-adopted International Accounting Standards. The revenue and capital columns are supplementary to this and are prepared
under guidance published by the Association of Investment Companies (see Note 2 to the Financial Statements).
All items in the above statement derive from continuing operations.
The accompanying notes are an integral part of these financial statements.
Statement of Comprehensive Income
68 Aberdeen New India Investment Trust PLC
As at As at
31 March 2026 31 March 2025
Notes £’000 £’000
Non-current assets
Investments held at fair value through profit or loss 10 324,655 464,101
Current assets
Cash at bank 7,419 3,727
Other receivables 11 603 195
8,022 3,922
Current liabilities
Bank loan 12(a) (12,455) (19,488)
Other payables 12(b) (1,056) (2,308)
(13,511) (21,796)
Net current liabilities (5,489) (17,874)
Non-current liabilities
Deferred tax liability on Indian capital gains 13 (8,156) (20,628)
Net assets 311,010 425,599
Share capital and reserves
Ordinary share capital 14 14,768 14,768
Share premium account 25,406 25,406
Capital redemption reserve 4,484 4,484
Capital reserve 272,444 385,498
Revenue reserve (6,092) (4,557)
Equity shareholders’ funds 311,010 425,599
Net asset value per Ordinary share (pence) 16 707.61 889.34
The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2026 and were signed on its
behalf by:
David Simpson
Chairman
The accompanying notes are an integral part of these financial statements.
Statement of Financial Position
Aberdeen New India Investment Trust PLC 69
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Year ended 31 March 2026
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
Note £’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 April 2025 14,768 25,406 4,484 385,498 (4,557) 425,599
Net loss after taxation – – – (82,752) (1,535) (84,287)
Buyback of share capital to treasury 14 – – – (30,302) – (30,302)
Balance at 31 March 2026 14,768 25,406 4,484 272,444 (6,092) 311,010
Year ended 31 March 2025
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
£’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 April 2024 14,768 25,406 4,484 384,824 (2,428) 427,054
Net profit/(loss) after taxation – – – 33,604 (2,129) 31,475
Buyback of share capital to treasury 14 – – – (32,930) – (32,930)
Balance at 31 March 2025 14,768 25,406 4,484 385,498 (4,557) 425,599
The accompanying notes are an integral part of these financial statements.
Statement of Chan
g
es in Equity
70 Aberdeen New India Investment Trust PLC
Year ended Year ended
31 March 2026 31 March 2025
Notes £’000 £’000
Cash flows from operating activities
Dividend income received 3,848 4,664
Interest income received 158 12
Investment management fee paid (2,799) (3,448)
Other cash expenses (2,054) (1,438)
Cash outflow from operating activities (847) (210)
Cash flows from investing activities
Purchases of investments (115,590) (136,654)
Sales of investments 166,857 187,528
Indian capital gains tax paid on sales (6,355) (11,703)
Net cash inflow from investing activities 44,912 39,171
Cash flows from financing activities
Buyback of shares (31,063) (32,482)
Interest paid (1,274) (2,093)
Drawdown of loan 22,500 –
Repayment of loan (29,500) (6,500)
Costs associated with loan (150) (113)
Net cash outflow from financing activities (39,487) (41,188)
Net increase/(decrease) in cash and cash equivalents 4,578 (2,227)
Cash and cash equivalents at the start of the year 3,727 6,452
Effect of foreign exchange rate changes (886) (498)
Cash and cash equivalents at the end of the year 17 7,419 3,727
The accompanying notes are an integral part of these financial statements.
Statement of Cash Flows
Aberdeen New India Investment Trust PLC 71
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
1. Principal activity
The principal activity of the Company is that of an investment trust company within the meaning of Section 1158 of the
Corporation Tax Act 2010 (“s1158”). The Company’s registered office is 280 Bishopsgate, London EC2M 4AG.
2. Accounting policies
(a) Basis of preparation. The accounting policies which follow set out those policies which apply in preparing the financial
statements for the year ended 31 March 2026.
The financial statements have been prepared in accordance with United Kingdom adopted IFRS Accounting Standards
as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and IFRIC Interpretations
issued by the IFRS Interpretations Committee. The Company adopted all IFRS which took effect during the year.
The financial statements have also been prepared in accordance with the Companies Act 2006 and the Statement of
Recommended Practice (SORP), “Financial Statements of Investment Trust Companies and Venture Capital Trusts,”
issued in July 2022.
The Directors have reviewed the Company’s ability to continue as a going concern. The Company’s assets consist
substantially of a portfolio of quoted securities which in most circumstances are realisable within a short timescale. The
Directors are mindful of the principal risks and uncertainties disclosed on pages 21 to 24 and the financial risks disclosed
in Note 17 to the financial statements and have reviewed cashflow forecasts detailing revenue and expenses for at
least 12 months from the date of this Report. Accordingly, the Directors believe that the Company has adequate
financial resources to continue in operational existence for at least 12 months from the date of this Report.
In June 2025, the Company entered into a three–year, £30 million revolving credit facility (the “Facility”) with BNP
Paribas London Branch replacing the existing loan with Royal Bank of Scotland International Limited (London Branch),
part of NatWest Group plc, of which £12.5m was drawn down at 31 March 2026 (2025 – £19.5m). The Board has set
limits for borrowing and regularly reviews the level of any gearing and compliance with banking covenants.
The results of stress testing prepared by the Manager, which models a sharp decline in market levels and income,
demonstrated that the Company has the ability to raise sufficient funds so as to both pay expenses and remain within
its debt covenants.
Having taken these factors into account, the Directors believe that the Company has adequate resources to continue
in operational existence and has the ability to meet its financial obligations as they fall due for a period of at least twelve
months from the date of approval of this Report. For these reasons, the Company continues to adopt the going concern
basis of accounting in preparing the financial statements.
Critical accounting judgements and key sources of estimation uncertainty. The preparation of financial statements in
conformity with IFRS requires the use of certain critical accounting estimates which requires management to exercise
its judgement in the process of applying the accounting policies. The Directors do not believe that any accounting
judgements or estimates have been applied to these financial statements that have a significant risk of causing
material adjustment to the carrying amount of assets and liabilities within the next financial year. The Company
considers the selection of Sterling as its functional currency to be a key judgement.
The Board identifies emerging risks if and when they become material. The Board considers the implications for the
Company’s investment portfolio of a changing climate to constitute an emerging risk where the impact, either positive
or negative, cannot be accurately evaluated.
Notes to the Financial Statements
For the year ended 31 March 2026
72 Aberdeen New India Investment Trust PLC
Functional currency. The Company’s investments are made in Indian Rupee and US Dollar, however the Board considers
the Company’s functional currency to be Sterling. In arriving at this conclusion, the Board considered that the shares of
the Company are listed on the London Stock Exchange, it is regulated in the United Kingdom, principally having its
shareholder base in the United Kingdom and also pays expenses in Sterling, as it would dividends, where declared by
the Company.
The Board identifies emerging risks if and when they become material. The Board considers the implications for the
Company’s investment portfolio of a changing climate to constitute an emerging risk where the impact, either positive
or negative, cannot be accurately evaluated.
New and amended accounting standards and interpretations. The Company applied certain Standards and
Amendments, which are effective for annual periods beginning on or after 1 January 2025. The adoption of these
Standards and Amendments did not have a material impact on the financial results of the Company. The nature is
described below:
– IAS 21 Amendments (Lack of Exchangeability)
At the date of authorisation of these financial statements, the following amendments to Standards and Interpretations
were assessed to be relevant and are all effective for annual periods beginning on or after 1 January 2026 and
thereafter;
– IAS 7 & 9 Amendments (Classification and Measurement of Financial Instruments)
– IAS 7 & 9 Amendments (Contracts Referencing Nature-dependent Electricity)
The Company intends to adopt the Standards and Interpretations in the reporting period when they become effective
and the Board does not anticipate that the adoption of these Standards and Interpretations in future periods will
materially impact the Company’s financial results in the period of initial application although there may be revised
presentations to the Financial Statements and additional disclosures resulting from the application of IFRS 18 when it
becomes effective for accounting periods beginning on or after 1 January 2027.
(b) Presentation of Statement of Comprehensive Income. In order to better reflect the activities of an investment trust
company and in accordance with guidance issued by the AIC, supplementary information which analyses the
Statement of Comprehensive Income between items of a revenue and capital nature has been presented in the
Statement of Comprehensive Income.
(c) Segmental reporting. The Board has considered the requirements of IFRS 8 ‘Operating Segments’ and is of the view that
the Company is engaged in a single segment business, which is one of investing in Indian quoted equities and that
therefore the Company has only a single operating segment. The Board of Directors, as a whole, has been identified as
constituting the chief operating decision maker of the Company. The key measure of performance used by the Board
to assess the Company’s performance is the total return on the Company’s net asset value, as calculated under IFRS,
and therefore no reconciliation is required between the measure of profit or loss used by the Board and that contained
in the financial statements.
(d) Income. Dividends receivable on equity shares are recognised in the Statement of Comprehensive Income on the ex-
dividend date, and gross of any applicable withholding tax. Dividends receivable on equity shares where no ex-dividend
date is quoted are brought into account when the Company’s right to receive payment is established. Special dividends
are credited to capital or revenue, according to their circumstances. Where a company has elected to receive
dividends in the form of additional shares rather than in cash, the amount of the cash dividend foregone is recognised in
the Statement of Comprehensive Income. Provision is made for any dividends not expected to be received. Interest
receivable from cash and short-term deposits is accrued to the end of the financial year.
Notes to the Financial Statements
Continued
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Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
(e) Expenses and interest payable. All expenses, with the exception of interest expenses, which are recognised using the
effective interest method, are accounted for on an accruals basis. Expenses are charged to the revenue column of the
Statement of Comprehensive Income except as follows:
- expenses which are incidental to the acquisition or disposal of an investment are charged to the capital column of the
Statement of Comprehensive Income and separately identified and disclosed in note 10 (b); and
- expenses are charged to the capital column of the Statement of Comprehensive Income where a connection with
the maintenance or enhancement of the value of the investments can be demonstrated.
(f) Taxation. The tax expense represents the sum of the tax currently payable and deferred tax. Tax payable is based on
the taxable profit for the year. Taxable profit differs from profit before tax as reported in the Statement of
Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years
and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated
using tax rates that have been enacted or substantively enacted by the Statement of Financial Position date.
Deferred tax. Deferred tax is recognised in respect of all temporary differences at the Statement of Financial Position
date, where transactions or events that result in an obligation to pay more tax in the future or right to pay less tax in the
future have occurred at the Statement of Financial Position date. This is subject to deferred tax assets only being
recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the
temporary differences can be deducted. Deferred tax assets and liabilities are measured at the rates applicable to the
legal jurisdictions in which they arise, using enacted tax rates that are expected to apply at the date the deferred tax
position is unwound.
(g) Investments. Investments have been designated upon initial recognition as fair value through profit or loss. Investments
are recognised and de-recognised at trade date where a purchase or sale is under a contract whose terms require
delivery within the timeframe established by the market concerned, and are measured initially at fair value. Subsequent
to initial recognition, investments are recognised at fair value through profit or loss.
The Company classifies its investments based on their contractual cash flow characteristics and the Company’s
business model for managing the assets. The business model, which is the determining feature, is such that the portfolio
of investments is managed, and performance and risk is evaluated, on a fair value basis. The Manager is also
compensated based on the fair value of the Company’s assets. Consequently, all investments are measured at fair
value through profit or loss.
Investments are recognised and de-recognised at trade date where a purchase or sale is under a contract whose
terms require delivery within the timeframe established by the market concerned, and are measured at fair value. For
listed investments, this is deemed to be bid market prices or closing prices on a recognised stock exchange.
Gains and losses arising from the changes in fair value are included in net profit or loss for the period as a capital item.
Transaction costs are treated as a capital cost.
(h) Cash and cash equivalents. Cash comprises cash in hand and at banks and short-term deposits. Cash equivalents are
short-term, highly-liquid investments that are readily convertible to known amounts of cash, and that are subject to an
insignificant risk of changes in value.
(i) Other receivables. The Company has adopted the classification and measurement provisions of IFRS 9 ‘Financial
Instruments’ as other receivables are held to collect contractual cash flows and give rise to cash flows representing
solely payments of principal and interest. As such they are measured at amortised cost. Other receivables held by the
Company do not carry any interest, they have been assessed as not having any expected credit losses over their
lifetime due to their short-term nature and low credit risk.
74 Aberdeen New India Investment Trust PLC
(j) Other payables. The Company has adopted the classification and measurement provisions of IFRS 9 ‘Financial
Instruments’. Other payables are non-interest bearing and are stated at amortised cost.
(k) Borrowings. Bank loans are initially recognised at cost, being the fair value of the consideration received, net of any issue
expenses. Subsequently, they are measured at amortised cost using the effective interest method. Finance charges are
accounted for on an accruals basis using the effective interest rate method and are charged 100% to revenue.
(l) Nature and purpose of reserves
Called-up share capital. The Ordinary share capital on the Statement of Financial Position relates to the number of
shares in issue and in treasury. Only when the shares are cancelled, either from treasury or directly, is a transfer made
to the capital redemption reserve. This reserve is not distributable.
Share premium account. The balance classified as share premium includes the premium above nominal value from the
proceeds on issue of any equity share capital comprising Ordinary shares of 25p. This reserve is not distributable.
Capital redemption reserve. The capital redemption reserve arose when Ordinary shares were redeemed, and
subsequently cancelled by the Company, at which point an amount equal to the par value of the Ordinary share capital
was transferred from the Ordinary share capital to the capital redemption reserve. This reserve is not distributable.
Capital reserve. This reserve reflects any gains or losses on investments realised in the period along with any increases
and decreases in the fair value of investments held that have been recognised in the Statement of Comprehensive
Income. The part of this reserve represented by realised capital gains is available for distribution by way of dividend.
Subsequent to the special reserve being extinguished, the capital reserve has been used to fund the share buy-backs
by the Company.
Revenue reserve. This reserve reflects all income and costs which are recognised in the revenue column of the
Statement of Comprehensive Income. The revenue reserve is distributable by way of dividend.
(m) Foreign currency. Overseas monetary assets and liabilities are converted into Sterling at the rate of exchange ruling at
the Statement of Financial Position date. Transactions during the year involving foreign currencies are converted at the
rate of exchange ruling at the transaction date. Any gain or loss arising from a change in exchange rates subsequent to
the date of the transaction is included as an exchange gain or loss and recognised in the Statement of Comprehensive
Income.
(n) Cash flow statement classification of investments. Cash flow relating to investments have been presented as investing
cash flows as opposed to cash flows from operating activities. The Board considered this to be an appropriate
classification reflecting the fact that these cashflows are allocated towards resources intended to generate future
income and cash flows, in line with the definition of investing activities within IAS 7.
Notes to the Financial Statements
Continued
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Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
3. Income
2026 2025
£’000 £’000
Income from investments
Overseas dividends 3,847 4,664
Other income
Deposit interest 150 144
Total income 3,997 4,808
4. Investment management fees
2026 2025
£’000 £’000
Investment management fees 2,699 3,428
The Company has an agreement with the Manager for the provision of management and secretarial services.
During the year, the management fee was payable monthly in arrears and was based on an annual amount of 0.8% up to
£300 million and 0.6% thereafter of the Company’s market capitalisation valued monthly. The management agreement is
terminable by either the Company or the Manager on six months’ notice. The amount payable in respect of the Company for
the year was £2,699,000 (2025 - £3,428,000) and the balance due to the Manager at the year end was £400,000
(2025- £499,000).
5. Administrative ex
p
enses
2026 2025
£’000 £’000
Directors’ fees 166 145
Promotional activities 232 208
Administration and secretarial fees 45 –
Auditor’s remuneration:
– fees payable for the audit of the Company’s annual financial statements 65 80
Legal and advisory fees 114 95
Custodian and overseas agents’ charges 310 378
Depositary fees 39 49
Other 191 102
1,162 1,057
76 Aberdeen New India Investment Trust PLC
The Manager supports the Company with promotional activities. The total fees paid and payable under the agreement
during the year were £232,000 (2025 – £208,000) and £49,000 (2025 – £110,000) was due to the Manager at the year end.
The Company has an agreement with the Manager for the provision of administration and secretarial services. Fees paid
during the year were £45,000 (2025 – N/A) and no fees were payable at the year end (2025 – N/A). The amount payable for
administration and secretarial services is subject to an annual increase in line with the Consumer Prices Index.
During the year, the only fees payable to Deloitte LLP by the Company related to the audit fee of £65,000 (2025 – the only
fees paid to KPMG LLP by the Company related to the audit fee of £79,500). The amounts disclosed above for Auditor’s
remuneration are all shown net of VAT. Fees paid during the year were £45,000 (2025 – N/A) and no fees were payable at
the year end (2025 – N/A).
6. Finance costs
2026 2025
£’000 £’000
In relation to bank loans 1,289 1,981
Finance costs are charged 100% to revenue as disclosed in the accounting policies.
7. Taxation
2026 2025
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
(a) Analysis of charge for the year
Indian capital gains tax charge on sales – 6,291 6,291 – 11,766 11,766
Overseas taxation 382 – 382 471 – 471
Total current tax charge for the year 382 6,291 6,673 471 11,766 12,237
Movement in deferred tax liability on
Indian capital gains
– (12,408) (12,408) – 1,158 1,158
Total tax charge for the year 382 (6,117) (5,735) 471 12,924 13,395
The Company is liable to Indian capital gains tax under Section 115 AD of the Indian Income Tax Act 1961. Accordingly,
when investments are realised at a value above cost and investments are held at fair value above cost, a tax charge will
result. The Company has recognised a deferred tax liability of £8,156,000 (2025 – £20,628,000) on capital gains which
may arise if Indian investments are sold. Up to 22 July 2024 Indian CGT was charged at 10% on long-term holdings and
15% on short-term holdings. From 23 July 2024 Indian CGT is charged at 12.5% on long-term holdings and 20% on
short-term holdings.
On 1 April 2020, the Indian Government withdrew an exemption from withholding tax on dividend income. Dividends are
received net of 20% withholding tax and an excess charge of 4%. A further surcharge of either 2% or 5% is applied if the
receipt exceeds a certain threshold. Of this total charge, 10% of the withholding tax is irrecoverable with the remainder
being offset against the deferred tax liability on Indian capital gains in the first instance where there are capital gains
during the year or if not then it is shown in the Statement of Financial Position as an asset due for reclaim.
Notes to the Financial Statements
Continued
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(b) Factors affecting the tax charge for the year. The tax charged for the year can be reconciled to the (loss)/profit per the
Statement of Comprehensive Income as follows:
2026 2025
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
(Loss)/profit before tax (1,153) (88,869) (90,022) (1,658) 46,528 44,870
UK corporation tax on (loss)/profit at the standard
rate of 25% (2025 – 25%)
A
(288) (22,217) (22,505) (415) 11,632 11,217
Effects of:
Losses/(gains) on investments held at fair value
through profit or loss not taxable not subject to UK
corporation tax
– 21,996 21,996 – (11,757) (11,757)
Currency losses not taxable – 221 221 – 125 125
Deferred tax not recognised in respect of tax losses 1,228 – 1,228 1,580 – 1,580
Expenses not deductible for tax purposes 3 – 3 1 – 1
Indian capital gains tax charged on sales – 6,291 6,291 – 11,766 11,766
Movement in deferred tax liability on
Indian capital gains
– (12,408) (12,408) – 1,158 1,158
Irrecoverable overseas withholding tax 382 – 382 471 – 471
Non-taxable dividend income (943) – (943) (1,166) – (1,166)
Total tax charge 382 (6,117) (5,735) 471 12,924 13,395
A
The tax reconciliation above reconciles the Company’s tax charge to the UK corporation tax rate because the Company is a UK company and, although the
net total charge primarily relates to Indian Capital Gains Tax, the most significant reconciling items normally relate to the exemptions from UK tax on both
dividend income and capital gains.
(c) At 31 March 2026, the Company had surplus management expenses and loan relationship debits of £50,432,000 (2025
– £45,520,000) with a tax value of £12,608,000 (2025 – £11,380,000) based on enacted tax rates, in respect of which a
deferred tax asset has not been recognised. No deferred tax asset has been recognised because the Company is not
expected to generate taxable income in the future in excess of the deductible expenses of those future periods.
Therefore, it is unlikely that the Company will generate future taxable revenue that would enable the existing tax losses
to be utilised.
8. Ordinary dividends on equity shares
After the payment of operational expenses, there was no revenue available for distribution by way of dividend for the year
ended 31 March 2026 (2025 - £nil).
78 Aberdeen New India Investment Trust PLC
9. (Loss)/return per Ordinary share
2026 2025
Revenue Capital Total Revenue Capital Total
Net (loss)/profit for the year (£’000) (1,535) (82,752) (84,287) (2,129) 33,604 31,475
Weighted average number of Ordinary shares
in issue
45,623,974 50,206,923
(Loss)/return per Ordinary share (pence) (3.36) (181.38) (184.74) (4.24) 66.93 62.69
10. Investments held at fair value through profit or loss
2026 2025
(a) Valuation £’000 £’000
Opening book cost 334,380 302,906
Opening investment holdings fair value gains 129,721 162,883
Opening valuation 464,101 465,789
Movements in the year
:
Purchases 115,692 136,625
Sales - proceeds (167,155) (185,339)
(Losses)/gains on investments (87,983) 47,026
Closing valuation 324,655 464,101
2026 2025
£’000 £’000
Closing book cost 301,897 334,380
Closing investment holdings fair value gains 22,758 129,721
Closing valuation 324,655 464,101
The Company generated £167,155,000 (2025 - £185,339,000) from investments sold in the period. The book cost
of these investments when they were purchased was £148,169,000 (2025 - £105,151,000). These investments have
been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of
the investments.
(b) Transaction costs. During the year, expenses were incurred in acquiring or disposing of investments classified as fair
value through profit or loss. These have been expensed through the capital column of the Statement of Comprehensive
Income, and are included within (losses)/gains on investments at fair value through profit or loss in the Statement of
Comprehensive Income. The total costs were as follows:
Notes to the Financial Statements
Continued
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Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
2026 2025
£’000 £’000
Purchases 169 231
Sales 264 293
433 524
The above transaction costs are calculated in line with the AIC SORP. The transaction costs in the Company’s
Key Information Document provided by the Manager are calculated on a different basis and in line with the
PRIIPs regulations.
11. Other receivables
2026 2025
£’000 £’000
Amounts due from brokers 437 139
Prepayments and accrued income 166 56
603 195
None of the above amounts are past their due date or impaired (2025 - nil).
12. Current liabilities
2026 2025
(a) Bank loan £’000 £’000
Loans repayable within one year 12,455 19,488
On 19 June 2025, the Company entered into a new, three–year, £30 million secured revolving credit facility with BNP
Paribas London Branch replacing the existing facility with Royal Bank of Scotland International Limited (London Branch).
£12.5 million was drawn down at 31 March 2026 (31 March 2025 – £19.5 million) at an all–in interest rate of 5.0289% until
23 April 2026 (2025 – 8.055% until 10 April 2025). Expenses of £60,000 were incurred which are amortised over the life of
the loan.
The terms of the loan facility contain covenants that the aggregate financial indebtedness should not exceed 25% of
the total assets, the aggregate financial indebtedness is equal to or less than the adjusted total assets and the net asset
value shall not at any time be less than £180 million. The Company complied with all covenants during the year and up
to the date of signing this Report.
80 Aberdeen New India Investment Trust PLC
2026 2025
(b) Other payables £’000 £’000
Amounts due to brokers 102 –
Amounts due to brokers relating to buybacks to treasury 145 898
Other creditors 809 1,410
1,056 2,308
13. Non-current liabilities
2026 2025
£’000 £’000
Deferred tax liability on Indian capital gains 8,156 20,628
14. Ordinary share capital
2026 2025
Number £’000 Number £’000
Authorised 200,000,000 50,000 200,000,000 50,000
Issued and fully paid
Ordinary shares of 25p each 43,951,929 10,988 47,855,793 11,964
Held in treasury:
Ordinary shares of 25p each 15,118,211 3,780 11,214,347 2,804
59,070,140 14,768 59,070,140 14,768
The Ordinary shares give shareholders voting rights, the entitlement to all of the capital growth in the Company’s assets, and
to all the income from the Company that is resolved to be distributed.
During the year 3,903,864 (2025 – 4,252,117) Ordinary shares of 25p each were repurchased by the Company at a total cost,
including transaction costs, of £30,302,000 (2025 – £32,930,000). All of the shares were placed in treasury. Shares held in
treasury represent 25.59% (2025 – 18.98%) of the Company’s total issued shares at the year end. Shares held in treasury do
not carry a right to receive dividends.
Subsequent to the year end the Company repurchased a further 735,562 Ordinary shares to be held in treasury at a total
cost of £4,995,000.
Notes to the Financial Statements
Continued
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15. Analysis of changes in net debt
Net
Currency Cash Non-cash
2025 differences flows movements 2026
£’000 £’000 £’000 £’000 £’000
Cash and short term deposits 3,727 (886) 4,578 - 7,419
Debt due within one year (19,488) - 7,000 33 (12,455)
(15,761) (886) 11,578 33 (5,036)
Net
Currency Cash Non-cash
2024 differences flows movements 2025
£’000 £’000 £’000 £’000 £’000
Cash and short term deposits 6,452 (498) (2,227) - 3,727
Debt due within one year (25,953) - 6,500 (35) (19,488)
(19,501) (498) 4,273 (35) (15,761)
A statement reconciling the movement in net funds to the net cash flow has not been presented as there are no differences
from the above analysis.
16. Net asset value per Ordinary share
The net asset value per Ordinary share is based on a net asset value of £311,010,000 (2025 - £425,599,000) and on
43,951,929 (2025 - 47,855,793) Ordinary shares, being the number of Ordinary shares in issue at the year end, excluding
shares held in treasury.
82 Aberdeen New India Investment Trust PLC
17. Financial instruments
Risk management. The Company’s investment activities expose it to various types of financial risk associated with the financial
instruments and markets in which it invests. The Company’s financial instruments comprise securities and other investments,
cash balances and debtors and creditors that arise directly from its operations; for example, in respect of sales and purchases
awaiting settlement, and debtors for accrued income.
The Board has delegated the risk management function to the Manager under the terms of its management agreement with
the Manager (further details of which are included under note 4). The Board regularly reviews and agrees policies for
managing each of the key financial risks identified with the Manager. The types of risk and the Manager’s approach to the
management of each type of risk, are summarised below. Such approach has been applied throughout the year and has not
changed since the previous accounting period. The numerical disclosures exclude short-term debtors and creditors on the
grounds of their materiality.
Risk management framework. The directors of the Manager collectively assume responsibility for the Manager’s obligations
under the AIFMD including reviewing investment performance and monitoring the Company’s risk profile during the year.
The Manager is a fully integrated member of Aberdeen, which provides a variety of services and support to the Manager in the
conduct of its business activities, including in the oversight of the risk management framework for the Company. The Manager
has delegated the day to day administration of the investment policy to the Investment manager, which is responsible for
ensuring that the Company is managed within the terms of its investment guidelines and the limits set out in its pre-investment
disclosures to investors (details of which can be found on the Company’s website). The Manager has retained responsibility for
monitoring and oversight of investment performance, product risk and regulatory and operational risk for the Company.
The Manager conducts its risk oversight function through the operation of the Aberdeen’s risk management processes and
systems which are embedded within the Aberdeen’s operations. Aberdeen’s Risk Division supports management in the
identification and mitigation of risks and provides independent monitoring of the business. The Division includes Compliance,
Business Risk, Market Risk and Risk Management. The team is headed up by Aberdeen’s Chief Risk Officer, who reports to the
CEO of the Group. The Risk Division achieves its objective through embedding the Risk Management Framework throughout
the organisation using Aberdeen’s operational risk management system (“SHIELD”).
Aberdeen’s Internal Audit Department is independent of the Risk Division and reports directly to Aberdeen’s CEO and to the
Audit Committee of Aberdeen’s Board of Directors. The Internal Audit Department is responsible for providing an independent
assessment of the Aberdeen’s control environment.
Aberdeen’s corporate governance structure is supported by several committees to assist the board of directors of Aberdeen,
its subsidiaries and the Company to fulfil their roles and responsibilities. Aberdeen’s Risk Division is represented on all
committees, with the exception of those committees that deal with investment recommendations. The specific goals and
guidelines on the functioning of those committees are described on the committees’ terms of reference.
Market risk. The fair value or future cash flows of a financial instrument held by the Company may fluctuate because of
changes in market prices. This market risk comprises three elements - interest rate risk, foreign currency risk and other
price risk.
Notes to the Financial Statements
Continued
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Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Interest rate risk. The interest rate risk profile of the portfolio of the Company’s financial assets and liabilities, excluding equity
holdings which are all non-interest bearing, at the Statement of Financial Position date was as follows:
Weighted average Weighted
period for which average Fixed Floating
rate is fixed interest rate rate rate
At 31 March 2026 Years % £’000 £’000
Assets
Sterling - 2.23 - 6,609
US Dollars - - - 4
Indian Rupee - - - 806
- 7,419
Weighted average Weighted
period for which average Fixed Floating
rate is fixed interest rate rate rate
Years % £’000 £’000
Liabilities
Bank loan - £12,500,000 0.08 5.03 12,455 -
Weighted average Weighted
period for which average Fixed Floating
rate is fixed interest rate rate rate
At 31 March 2025 Years % £’000 £’000
Assets
Sterling - 2.96 - 2,212
US Dollars - - - 4
Indian Rupee - - - 1,511
- 3,727
Weighted average Weighted
period for which average Fixed Floating
rate is fixed interest rate rate rate
Years % £’000 £’000
Liabilities
Bank loan - £19,500,000 0.08 8.05 19,488 -
84 Aberdeen New India Investment Trust PLC
The weighted average interest rate is based on the current yield of each asset, weighted by its market value. The weighted
average interest rate on bank loans is based on the interest rate payable, weighted by the total value of the loans. The
maturity date of the Company’s loans is shown in note 12.
The floating rate assets consist of cash deposits on call earning interest at prevailing market rates.
The Company’s equity portfolio and short-term debtors and creditors (excluding bank loans) have been excluded from the
above tables.
Management of the risk. The possible effects on fair value and cash flows that could arise as a result of changes in interest rates
are taken into account when making investment and borrowing decisions.
Interest rate sensitivity. The sensitivity analyses below have been determined based on the exposure to interest rates for both
derivative and non-derivative instruments at the Statement of Financial Position date and the stipulated change taking place
at the beginning of the financial year and held constant throughout the reporting period in the case of instruments that have
floating rates.
The rate of interest on the loan is the percentage rate per annum which is the aggregate of the applicable margin, adjusted
SONIA rate and mandatory cost if any.
If interest rates had been 100 basis points higher or lower (based on current parameter used by Manager’s Investment Risk
Department on risk assessment) and all other variables were held constant, the Company’s revenue return for the year ended
31 March 2026 would have decreased/increased by £129,000 (2025 - decrease/increase £181,000). This is mainly
attributable to the Company’s exposure to interest rates on its floating rate cash balances and bank loans. These figures have
been calculated based on cash positions and bank loans at each year end.
In the opinion of the Directors, the above sensitivity analyses are not representative of the year as a whole, since the level of
exposure changes frequently as part of the interest rate risk management process used to meet the Company’s objectives.
The risk parameters used will also fluctuate depending on the current market perception.
Foreign currency risk. The Company’s total return and net assets can be significantly affected by currency translation
movements as the majority of the Company’s assets and income are denominated in currencies other than Sterling, which is
the Company’s functional currency.
Management of the risk. It is not the Company’s policy to hedge this risk but it reserves the right to do so, to the extent possible.
The revenue account is subject to currency fluctuation arising on dividends paid in foreign currencies. The Company does not
hedge this currency risk.
Foreign currency exposure by currency of denomination:
2026
2025
Net Total Net Total
Overseas monetary currency Overseas monetary currency
investments assets exposure investments assets exposure
£’000 £’000 £’000 £’000 £’000 £’000
US Dollar 1,535 4 1,539 - 4 4
Indian Rupee 323,120 1,140 324,260 464,101 1,650 465,751
324,655 1,144 325,799 464,101 1,654 465,755
Notes to the Financial Statements
Continued
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Foreign currency sensitivity. The following tables show the impact to a 10% increase and a 10% decrease in Sterling against the
foreign currency in which the Company has exposure.
If Sterling were to strengthen by 10%, there would be following impact:
2026 2025
Equity
A
Equity
A
£’000 £’000
US Dollar (140) –
Indian Rupee (29,478) (42,341)
(29,618) (42,341)
If Sterling were to weaken by 10%, there would be following impact:
2026 2025
Equity
A
Equity
A
£’000 £’000
US Dollar 171 –
Indian Rupee 36,029 51,750
36,200 51,750
A
Represents total current exposure to other currencies as defined on page 84.
Price risk. Price risks (ie, changes in market prices other than those arising from interest rate or currency risk) may affect the
value of the quoted investments.
Management of the risk. It is the Board’s policy to hold an appropriate spread of investments in the portfolio in order to reduce
the risk arising from factors specific to a sector. Both the allocation of assets and the stock selection process act to reduce
market risk. The Manager actively monitors market prices throughout the year and reports to the Board, which meets
regularly in order to review investment strategy. The investments held by the Company are all listed on the Bombay (Mumbai)
Stock Exchange and/or The Indian National Stock Exchange.
Price risk sensitivity. If market prices at the Statement of Financial Position date had been 15% higher or lower (which the
Directors consider to be a reasonable potential change in market prices) while all other variables remained constant, the
return attributable to Ordinary shareholders for the year ended 31 March 2026 would have increased /(decreased) by
£48,698,000 (2025 – increased/(decreased) by £69,615,000) and capital reserves would have increased /(decreased) by the
same amount.
Liquidity risk. This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities.
Management of the risk. The Board imposes borrowing limits to ensure gearing levels are appropriate to market conditions
and reviews these on a regular basis. Borrowings comprise a £30 million revolving multi-currency credit facility, which expires
on 20 June 2028. Other payables are settled within one year. Details of borrowings and other payables at 31 March 2026 are
shown in note 12.
86 Aberdeen New India Investment Trust PLC
Liquidity risk is not considered to be significant as the Company’s assets comprise mainly readily realisable securities, which
can be sold to meet funding commitments if necessary. Short-term flexibility is achieved through the use of the loan facility,
details of which can be found in note 12. Details of the Board’s policy on gearing are shown in the interest rate risk section of
this note.
Liquidity risk exposure. The Company has a £30 million uncommitted multicurrency revolving loan facility, of which
£12,500,000 (2025 – £19,500,000) was drawn down at the year end. Other payables amounted to £1,056,000
(2025 – £2,308,000).
Credit risk. This is failure of the counterparty to a transaction to discharge its obligations under that transaction, which could
result in the Company suffering a loss.
Management of the risk. The risk is actively managed as follows:
– investment transactions are carried out with a number of brokers, whose credit standing is reviewed periodically by the
Manager, and limits are set on the amount that may be due from any one broker;
– the risk of counterparty exposure due to failed trades causing a loss to the Company is mitigated by the review of failed
trade reports by the Manager on a daily basis. In addition, both stock and cash reconciliations to custodians’ records are
performed on a daily basis by the Manager to ensure discrepancies are investigated on a timely basis. The Manager’s
Compliance department carries out periodic reviews of the Custodian’s operations and reports its findings to the
Manager’s Risk Management Committee and to the Board of the Company. This review will also include checks on the
maintenance and security of investments held; and
– cash is held only with reputable banks whose credit ratings are monitored on a regular basis.
None of the Company’s financial assets are secured by collateral or other credit enhancements (2025 – none).
Credit risk exposure. In summary, compared to the amounts included in the Statement of Financial Position, the maximum
exposure to credit risk at 31 March was as follows:
2026 2025
Statement of Statement of
Financial Maximum Financial Maximum
Position Exposure Position Exposure
£’000 £’000 £’000 £’000
Current assets
Loans and receivables 603 603 195 195
Cash at bank and in hand 7,419 7,419 3,727 3,727
8,022 8,022 3,922 3,922
The exposure noted in the above table is not representative of the exposure across the year as a whole.
None of the Company’s financial assets are past due or impaired (2025 – none).
Notes to the Financial Statements
Continued
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Fair values of financial assets and financial liabilities. The fair value of bank loans are represented in the table below;
2026 2025
£’000 £’000
Bank loan 12,455 19,488
Investments held at fair value through profit or loss are valued at their quoted bid prices which equate to their fair values.
The fair value and the carrying value of the bank loan in the Statement of Financial Position are the same at £12,455,000 as at
31 March 2026 (2025 – £19,488,000) due to its short-term nature.
The Directors are of the opinion that the other financial assets and liabilities carried at amortised cost equates to their fair
value.
18. Capital management policies and procedures
The Company’s capital management objectives are:
- to ensure that the Company will be able to continue as a going concern; and
- to maximise the income and capital return to its equity shareholders through an appropriate balance of equity capital
and debt. The policy is that debt should not exceed 25% of net assets.
The Board, with the assistance of the Manager monitors and reviews the broad structure of the Company’s capital on an
ongoing basis. This review includes:
- the planned level of gearing, which includes taking account of the Manager’s views on the market;
- the opportunity to buy back equity shares for cancellation or holding in treasury, which takes account of the difference
between the net asset value per share and the share price (ie the level of share price discount or premium);
- the opportunity for new issues of equity shares; and
- the extent to which any revenue in excess of that which is required to be distributed should be retained.
The Company’s objectives, policies and processes for managing capital are unchanged from the preceding
accounting period.
88 Aberdeen New India Investment Trust PLC
19. Fair value hierarchy
IFRS 13 ‘Fair Value Measurement’ requires an entity to classify fair value measurements using a fair value hierarchy that
reflects the subjectivity of the inputs used in making measurements. The fair value hierarchy has the following levels:
Level 1: quoted (unadjusted) market prices in active markets for identical assets or liabilities;
Level 2: valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable; and
Level 3: valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
The financial assets and liabilities measured at fair value in the Statement of Financial Position are grouped into the fair value
hierarchy at the Statement of Financial Position date are as follows:
Level 1 Level 2 Level 3 Total
As at 31 March 2026 Note £’000 £’000 £’000 £’000
Financial assets at fair value through profit or loss
Quoted equities a) 324,655 - - 324,655
Net fair value 324,655 - - 324,655
Level 1 Level 2 Level 3 Total
As at 31 March 2025 Note £’000 £’000 £’000 £’000
Financial assets at fair value through profit or loss
Quoted equities a) 464,101 - - 464,101
Net fair value 464,101 - - 464,101
a) Quoted equities. The fair value of the Company’s investments in quoted equities has been determined by reference to
their quoted bid prices at the reporting date. Quoted equities included in Fair Value Level 1 are actively traded on
recognised stock exchanges.
20. Controlling party
In the opinion of the Directors on the basis of shareholdings advised to them, the Company has no immediate or ultimate
controlling party.
Notes to the Financial Statements
Continued
Aberdeen New India Investment Trust PLC 89
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
21. Related party transactions
Directors’ fees and interests. Fees payable during the year to the Directors and their interests in shares of the Company are
disclosed within the Directors’ Remuneration Report on pages 55 and 56.
22. Transactions with the Manager
The Company has an agreement with abrdn Fund Managers Limited for the provision of management, secretarial,
accounting and administration services and for the carrying out of promotional activities in relation to the Company. Details of
transactions during the year and balances outstanding at the year end are disclosed in notes 4 and 5.
90 Aberdeen New India Investment Trust PLC
Alternative performance measures are numerical measures of the Company’s current, historical or future performance, financial
position or cash flows, other than financial measures defined or specified in the applicable financial framework. The Company’s
applicable financial framework includes IFRS and the AIC SORP. The Directors assess the Company’s performance against a range of
criteria which are viewed as particularly relevant for closed-end investment companies.
Adjusted net asset value per Ordinary share
A
This performance measure is used to provide a like for like comparison with the Company’s Benchmark for the purposes of the
potential five-yearly performance-related conditional tender offer announced on 24 March 2022, which was first in effect from 1 April
2022 and is therefore not applicable to earlier reporting periods. Further details on the conditional tender may be found in the
Chairman’s Statement on page 7.
2026 2025
Net assets attributable (£’000) 311,010 425,599
Accumulated Indian CGT charge since 1 April 2022 (£’000) 18,284 24,400
Net assets attributable excluding Indian CGT charge (£’000) 329,294 449,999
Number of Ordinary shares in issue 43,951,929 47,855,793
Adjusted net asset value per Ordinary share
A
749.21p 940.32p
A
Adjusted NAV is the Company’s NAV after adding back all Indian capital gains tax paid or accrued since 1 April 2022 in respect of realised and unrealised gains made on
investments. This adjustment is made because the Company’s benchmark, the MSCI India Index does not take account of Indian Capital Gains Tax.
Discount to net asset value per Ordinary share
The discount is the amount by which the share price is lower than the net asset value per share with debt at par value, expressed as a
percentage of the net asset value.
2026 2025
NAV per Ordinary share a 707.61p 889.34p
Share price b 640.00p 756.00p
Discount (a-b)/a 9.6% 15.0%
Alternative Performance Measures
Aberdeen New India Investment Trust PLC 91
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Net gearing
Net gearing measures the total borrowings less cash and cash equivalents divided by shareholders’ funds, expressed as a
percentage. Under AIC reporting guidance cash and cash equivalents includes amounts due to and from brokers at the year end.
2026 2025
Borrowings (£’000) a 12,455 19,488
Cash (£’000) b 7,419 3,727
Amounts due to brokers (£’000) c 102 898
Amounts due from brokers (£’000) d 437 139
Shareholders’ funds (£’000) e 311,010 425,599
Net gearing (a-b+c-d)/e 1.5% 3.9%
Ongoing charges ratio
The ongoing charges ratio has been calculated in accordance with guidance issued by the AIC as the total of investment
management fees and administrative expenses are expressed as a percentage of the average net asset values with debt at par
value throughout the year.
2026 2025
Investment management fees (£’000) 2,699 3,428
Administrative expenses (£’000) 1,162 1,057
Less: non-recurring charges
A
(£’000) (35) (23)
Ongoing charges (£’000) 3,826 4,462
Average net assets (£’000) 394,009 470,792
Ongoing charges ratio 0.97% 0.95%
A
Professional fees unlikely to recur.
The ongoing charges ratio provided in the Company’s Key Information Document is calculated in line with the PRIIPs regulations which
includes amongst other things, the cost of borrowings and transaction costs.
92 Aberdeen New India Investment Trust PLC
Total (loss)/return
NAV and share price total (loss)/returns show how the NAV and share price has performed over a period of time in percentage terms,
taking into account both capital returns and dividends paid to shareholders. Share price and NAV total returns are monitored against
open-ended and closed-ended competitors, and the Benchmark, respectively. Adjusted NAV is the Company’s NAV after adding
back all Indian capital gains tax paid or accrued since 1 April 2022 in respect of realised or unrealised gains made on investments. This
adjustment is made because the Company’s benchmark, the MSCI India Index does not take account of Indian Capital Gains Tax.
Share
Year ended 31 March 2026 NAV Adjusted NAV Price
Opening at 1 April 2025 a 889.34p 940.32p 756.00p
Closing at 31 March 2026 b 707.61p 749.21p 640.00p
Price movements c=(b/a)-1 –20.4% –20.3% –15.3%
Dividend reinvestment
A
d N/A N/A N/A
Total loss c+d –20.4% –20.3% –15.3%
Share
Year ended 31 March 2025 NAV Adjusted NAV Price
Opening at 1 April 2024 a 819.56p 841.58p 652.00p
Closing at 31 March 2025 b 889.34p 940.32p 756.00p
Price movements c=(b/a)-1 8.5% 11.7% 16.0%
Dividend reinvestment
A
d N/A N/A N/A
Total return c+d +8.5% +11.7% +16.0%
Share
Four years ended 31 March 2026 NAV Adjusted NAV Price
Opening at 1 April 2022 a 697.30p 697.30p 562.00p
Closing at 31 March 2026 b 707.61p 749.21p 640.00p
Price movements c=(b/a)-1 +1.5% +7.4% +13.9%
Dividend reinvestment
A
d N/A N/A N/A
Total return c+d +1.5% +7.4% +13.9%
A
NAV total return involves investing the net dividend in the NAV of the Company with debt at par value on the date on which that dividend goes ex-dividend. Share price total
return involves reinvesting the net dividend in the share price of the Company on the date on which that dividend goes ex-dividend.
Alternative Performance Measures
Continued
Aberdeen New India Investment Trust PLC 93
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
abrdn Fund Managers Limited and the Company are
required to make certain disclosures available to investors
in accordance with the Alternative Investment Fund
Managers Directive (“AIFMD”). Those disclosures that are
required to be made pre-investment are included within a
pre-investment disclosure document (“PIDD”) which can
be found on the Company’s website:
aberdneennewindia.co.uk.
There have been no material changes to the disclosures
contained within the PIDD since its publication in
June 2026.
The periodic disclosures as required under the AIFMD to
investors are made below:
· information on the investment strategy, geographic and
sector investment focus and principal stock exposures is
included in the Strategic Report;
· none of the Company’s assets are subject to special
arrangements arising from their illiquid nature;
· the Strategic Report on pages 6 to 26, Note 17 to the
Financial Statements and the PIDD, together set out the
risk profile and risk management systems in place.
There have been no changes to the risk management
systems in place in the period under review and no
breaches of any of the risk limits set, with no breach
expected;
· there are no new arrangements for managing the
liquidity of the Company or any material changes to the
liquidity management systems and procedures
employed by the Manager;
· all authorised Alternative Investment Fund Managers
are required to comply with the AIFMD Remuneration
Code. In accordance with the Remuneration Code, the
Manager’s remuneration policy is available from the
Company Secretaries on request (see Additional
Shareholder Information) and the remuneration
disclosures in respect of the Manager’s reporting period
ended 31 December 2025 are available from its website
at: aberdeenplc.com.
Leverage
The table below sets out the current maximum permitted
limit and actual level of leverage for the Company.
Gross Method Commitment Method
Maximum level of
leverage
2.50:1 2.00:1
Actual level at 31
March 2026
1.09:1 1.11:1
There have been no breaches of the maximum level
during the period and no changes to the maximum level of
leverage employed by the Company. There is no right of
re-use of collateral or any guarantees granted under the
leveraging arrangement. Changes to the information
contained either within this Annual Report or the PIDD in
relation to any special arrangements in place, the
maximum level of leverage which the Manager may
employ on behalf of the Company; the right of use of
collateral or any guarantee granted under any leveraging
arrangement; or any change to the position in relation to
any discharge of liability by the Depositary will be notified
via a regulatory news service without undue delay in
accordance with the AIFMD.
The information on this page has been approved for the
purposes of Section 21 of the Financial Services and
Markets Act 2000 (as amended by the Financial Services
Act 2012) by abrdn Fund Managers Limited which is
authorised and regulated by the Financial Conduct
Authority in the United Kingdom.
Alternative Investment Fund Managers Directive
Disclosures
(
unaudited
)
94 Aberdeen New India Investment Trust PLC
Corporate
Information
Aberdeen New India Investment Trust PLC 95
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
The Manager, authorised and regulated by the
Financial Conduct Authority, has been appointed as
alternative investment fund manager to the Company.
The Manager has delegated portfolio management to
the Investment Manager.
The Manager and Investment Manager are subsidiaries of
Aberdeen Group plc, a global asset manager with its
headquarters in Edinburgh and operations in financial
capitals and important regional centres throughout
the world.
Aberdeen managed or administered over £548 billion (as
at 31 March 2026) in assets for a range of clients, including
individuals and institutions, through mutual and
segregated funds.
The Investment Team
James Thom
Senior Investment Director
MBA, Insead; MA, Johns Hopkins University; BSc, University
College, London. Previously with Actis, the emerging
markets private equity firm. Joined Aberdeen in 2010.
Pruksa Iamthongthong
Head of Equities – Asia Pacific
CFA® charterholder, BA in Business Administration,
Chulalongkorn University, Thailand. Joined Aberdeen
in 2007
Rita Tahilramani
Investment Director
PGDBM from NL Dalmia (Mumbai), BE (Computers)
from KJ Somaiya, Mumbai university. Joined Aberdeen
in 2023 after five years at Invesco Asset Management
(India) as an analyst covering the Indian consumer and
industrial sectors.
.
Information about the Investment Mana
g
er
96 Aberdeen New India Investment Trust PLC
The Investment Process
Philosophy and Style
The Investment Manager will not invest in a company
without first having met its management team. Having
invested in a company, the Investment Manager typically
meets the management team twice a year. Over the
years, the Investment Manager's fund managers have
visited many thousands of companies, and more than
1,000 meetings are held annually with companies'
management teams.
Portfolios are managed by the Investment Manager on a
team basis, with individual fund managers doing their own
research and analysis. Each asset class has a model
portfolio that contains the team's best ideas for that asset
class and forms the basis for constructing individual
portfolios focused on that asset class.
The Investment Manager’s investment process
concentrates on a company’s business strategy,
management, financial strength, ownership structure and
corporate governance seeking companies that it can
invest in for the long term. This quality test means that
there are stocks that will not be considered for investment
due to a lack of transparency or poor corporate
governance. The investment process also takes account
of responsible investment, encompassing an assessment
of environmental, social and governance factors.
Risk Controls
The Investment Manager seeks to minimise risk by its in
depth research. Divergence from an index is not seen as
risk – the Investment Manager views, as one example, risk
to be associated with investment in poorly run, expensive
companies that are not fully understood. In fact, where risk
parameters are expressed in index relative terms, asset –
including sector – allocation constitutes a significant
constraint on stock selection. Hence diversification of
stocks provides the Investment Manager’s main control.
Aberdeen’s performance and investment risk unit
independently monitors portfolio positions and reports
monthly. As well as attributing performance it also
produces statistical analysis, which is used by the
Investment Manager primarily to check the portfolio is
behaving as expected, not as a predictive tool.
The Investment Manager believes that a company’s ability
to generate sustainable returns for investors depends on
the management of its environmental impact, its
consideration of the interests of society and stakeholders,
and on the manner in which it is governed. By integrating
sustainability factors in the investment process, the
Investment Manager aims to generate better outcomes
for the Company’s shareholders. The three factors can be
considered as follows:
·
Environmental factors relate to how a company
conducts itself with regard to environmental
conservation and sustainability. Types of environmental
risks and opportunities include a company’s energy
consumption, waste disposal, land development and
carbon footprint, among others.
·
Social factors pertain to a company’s relationship with its
employees and vendors. Risks and opportunities can
include (but are not limited to) a company’s initiatives on
employee health and well-being, and how supplier
relationships align with corporate values.
·
Corporate governance factors can include the
corporate decision-making structure, independence of
board members, the treatment of minority
shareholders, executive compensation and political
contributions, among others.
At the investment stage, sustainability factors and
analysis can help to frame where best to invest by
considering material risks and opportunities alongside
other financial metrics. Due diligence can ascertain
whether such risks are being adequately managed,
and whether the market has understood and priced
them accordingly.
The Investment Manager is an active investor, voting
at shareholder meetings in a deliberate manner,
working with companies to drive positive change, and
engaging with policymakers on sustainability and
stewardship matters.
Continued
Information about the Investment Mana
g
er
Aberdeen New India Investment Trust PLC 97
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Our Engagement Activity
The Investment Manager met with portfolio companies, in
relation to sustainability and stewardship matters, on 20
occasions during the year ended 31 March 2026. This
does not include positions that have been sold or are
under consideration for sale. The following pie-chart
depicts the particular type of engagements -
Climate Environment
Labour Management Human Rights & Stakeholders
Corporate Behaviour Corporate Governance
Our Voting Activity for the year ended
31 March 2026
Voting Summary Total
How many meetings were you eligible to vote? 103
How many meetings did you vote at? 102
How many resolutions were you eligible to vote on? 478
What %age of resolutions did you vote on for which
you were eligible?
97.9%
Of the resolutions on which you voted, what %age
did you vote with management?
95.7%
Of the resolutions on which you voted, what %age
did you vote against management?
4.1%
Of the resolutions on which you voted, what %age
did you abstain from voting?
0.2%
In what %age of meetings, for which you did vote,
did you vote at least once against management?
12.6%
98 Aberdeen New India Investment Trust PLC
Investors may receive information about the
Company via email by scanning the QR code
on the Inside Front Cover or by registering at
the foot of the homepage of the website:
aberdeennewindia.co.uk
The website also includes current and previous Annual
and Half-Yearly Reports, performance data, the latest
monthly factsheet issued by the Manager, together with
links to the Company’s share price and recent London
Stock Exchange announcements.
If you have any general questions about the Company,
the Manager or performance, please send an email to
new.india@aberdeenplc.com or write to:
Aberdeen New India Investment Trust PLC
1 George Street
Edinburgh EH2 2LL
Information about the Company, and other investment
companies managed by Aberdeen, may also be found on
social media, as follows:
LinkedIn: Aberdeen Investment Trusts; Aberdeen New
India Investment Trust PLC
X: @AberdeenTrusts
Facebook: Aberdeen Investment Trusts
YouTube: @AberdeenInvestmentTrusts
Alternative Investment Fund Managers
Directive (“AIFMD”) and Pre-Investment
Disclosure Document (“PIDD”)
The Company has appointed the Manager as its
alternative investment fund manager and BNP Paribas SA,
London Branch as its depositary, under the Alternative
Investment Fund Managers Directive (“AIFMD”).
The AIFMD requires the Manager, as the alternative
investment fund manager of Aberdeen New India
Investment Trust PLC, to make available to investors
certain information prior to such investors’ investment in
the Company. Details of the leverage and risk policies
which the Company is required to have in place under
AIFMD are published in the Company’s Pre-Investment
Disclosure Document (“PIDD”) which can be found on its
website: aberdeennewindia.co.uk. The periodic disclosures
required to be made by the Manager under the AIFMD are
set out on page 93.
Benchmark
The Company’s Benchmark is the MSCI India Index
(Sterling-adjusted).
Investor Warning: Be alert to share
fraud and boiler room scams
Aberdeen has been contacted by investors informing us
that they have received telephone calls and emails from
people who have offered to buy their investment
company shares, purporting to work for Aberdeen for
third party firms. Aberdeen has also been notified of
emails claiming that certain investment companies under
our management have issued claims in the courts against
individuals. These may be scams which attempt to gain
your personal information with which to commit identity
fraud or could be ‘boiler room’ scams where a payment
from you is required to release the supposed payment for
your shares. These callers/senders do not work for
Aberdeen and any third party making such offers/claims
has no link with Aberdeen.
Aberdeen does not ‘cold-call’ investors in this way. If you
have any doubt over the veracity of a caller, do not
offer any personal information, end the call and
contact the Company using the details in Additional
Shareholder Information, which may be found on
page 109.
The Financial Conduct Authority provides advice with
respect to share fraud and boiler room scams:
fca.org.uk/consumers/scams
Shareholder Enquiries
For queries regarding shareholdings, lost certificates,
dividend payments, registered details and related
matters, shareholders holding their shares directly in the
Company are advised to contact the Registrar,
Computershare Investor Services PLC (see Additional
Shareholder Information). Changes of address must be
notified to the Registrar in writing.
Investor Information
Aberdeen New India Investment Trust PLC 99
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Suitability for Retail/NMPI Status
The Company’s securities are intended for investors
primarily in the UK (including retail investors), professionally-
advised private clients and institutional investors who are
seeking long term capital appreciation from investment in
companies which are incorporated in India or which derive
significant revenue or profit from India, with dividend yield
being of secondary importance, via an investment
company, and who understand and are willing to accept
the risks of exposure to equities within a single emerging
country fund. Investors should consider consulting a
financial adviser who specialises in advising on the
acquisition of shares and other securities before acquiring
shares. Investors should be capable of evaluating the risks
and merits of such an investment and should have sufficient
resources to bear any loss that may result.
The Company currently conducts its affairs so that the
securities issued by the Company can be recommended
by a financial adviser to ordinary retail investors in
accordance with the Financial Conduct Authority’s rules in
relation to non-mainstream pooled investments (“NMPIs”)
and intends to continue to do so for the foreseeable future.
The Company’s securities are excluded from the Financial
Conduct Authority’s restrictions which apply to NMPIs
because they are securities issued by an investment trust.
Key Information Document (“KID”)
UK regulation previously required the Manager to make a
KID available to retail investors prior to them making any
investment decision. New legislation came into force in
the UK during 2024 which meant that manufacturers,
advisors and sellers of shares in a closed-ended
investment company that is UK-listed are no longer
required to produce the KID.
However, the Manager continues to publish a modified KID
for the Company because a number of platforms/market
participants still require prospective investors to confirm
that they have read the KID prior to a buy order being
placed. The modified KID is available via the Company’s
website. In addition to the KID, the Manager has developed
a Statement of Operating Expenses which is incorporated
into the Company’s factsheet and can also be found on
the Company’s website.
How to Invest in the Company and other
investment trusts managed by Aberdeen
A range of leading investment platforms and share
dealing services let you buy and sell investment trusts
managed by Aberdeen, including the shares of
the Company.
Many of these platforms operate on an ‘execution-only’
basis. This means they can carry out your instruction to
buy or sell a particular investment trust. But they may not
be able to advise on suitable investments for you. If you
require advice, please speak to a qualified financial
adviser (see below).
Flexibility
Many investment platform providers will allow you to buy
and hold abrdn Investment Trust shares within an
Individual Savings Account (ISA), Junior ISA or Self Invested
Personal Pension (SIPP), all of which have potential tax
advantages. Most will also allow you to invest on both a
lump sum and regular savings basis.
Costs and service
It is important to choose the right platform for your needs,
so take time to research what each platform offers before
you make your decision, as well as considering charges.
When it comes to charges, some platforms have flat fee
structures while others levy percentage-based charges.
Typically, you will also pay a fee every time you buy and
sell shares, so you need to bear in mind these transaction
costs if you are trading frequently. There may also be
additional charges for ISA and SIPP investments.
Can I exercise my voting rights if I hold my
shares through an investment platform?
Yes, you should be able to exercise your right to vote by
contacting your platform provider. Procedures differ, but
some platforms will automatically alert you when new
statutory documents are available and then allow you to
vote online. Others will require you to contact them to
vote. Your chosen platform provider will provide
further guidance.
Getting advice
Aberdeen recommends that you seek financial advice
prior to making an investment decision. If you do not
currently have a financial adviser, details of authorised
financial advisers in your area can be found at pimfa.co.uk
or unbiased.co.uk (see below). You will pay a fee for
advisory services.
100 Aberdeen New India Investment Trust PLC
Platform providers
Platforms featuring the Company, as well as other
Aberdeen-managed investment trusts, include:
·
AJ Bell:
www.ajbell.co.uk/markets/investment-trusts
·
Barclays Smart Investor:
www.barclays.co.uk/smart-investor
·
Charles Stanley Direct:
www.charles-stanley-direct.co.uk
·
Fidelity: www.fidelity.co.uk
·
Halifax: www.halifax.co.uk/investing
·
Hargreaves Lansdown:
www.hl.co.uk/shares/investment-trusts
·
interactive investor (owned by Aberdeen):
www.ii.co.uk/investment-trusts
The companies above are shown for illustrative purposes
only. Other platform providers are available. The links
above direct you to external websites operated by each
platform provider. Aberdeen is not responsible for the
content and information on these third-party sites, apart
from interactive investor, which is owned by Aberdeen.
Discretionary Private Client Stockbrokers
If you have a large sum to invest, you may wish to contact
a discretionary private client stockbroker. They can
manage your entire portfolio of shares and will advise you
on your investments. To find a private client stockbroker
visit The Personal Investment Management & Financial
Advice Association at: pimfa.co.uk.
Financial Advisers
To find an adviser who recommends on investment trusts,
visit: unbiased.co.uk
Regulation of Stockbrokers
Before approaching a stockbroker, always check that
they are regulated by the Financial Conduct Authority:
Tel: 0800 111 6768 or at
at https://register.fca.org.uk
Email: consumerqueries@fca.org.uk
Note
Please remember that past performance is not a guide to
the future. Stock market and currency movements may
cause the value of shares and the income from them to
fall as well as rise and investors may not get back the
amount they originally invested.
As with all equity investments, the value of investment
trusts purchased will immediately be reduced by the
difference between the buying and selling prices of the
shares, the market maker’s spread.
Investors should further bear in mind that the value of
any tax relief will depend on the individual circumstances
of the investor and that tax rates and reliefs, as well as
the tax treatment of ISAs, may be changed by
future legislation.
The information on pages 98 to 100 has been approved
for the purposes of Section 21 of the Financial Services
and Markets Act 2000 (as amended by the Financial
Services Act 2012) by abrdn Investments Limited which is
authorised and regulated by the Financial
Conduct Authority.
Investor Information
Continued
Aberdeen New India Investment Trust PLC 101
General
102 Aberdeen New India Investment Trust PLC
Notice is hereby given that the Annual General Meeting of Aberdeen New India Investment Trust PLC will be held at
the offices of Aberdeen Group plc at 18 Bishops Square, London E1 6EG at 12.30pm on 22 September 2026 for the
following purposes:
Ordinary Business
As ordinary business to consider and, if thought fit, pass the following Resolutions 1 to 8 inclusive, as Ordinary Resolutions:
1. To receive and adopt the Directors’ and Auditor’s Reports and adopt the Financial Statements for the year ended
31 March 2026.
2. To receive and adopt the Directors’ Remuneration Report for the year ended 31 March 2026 (other than the
Directors’ Remuneration Policy).
3. To receive and adopt the Directors’ Remuneration Policy.
4. To elect Francesca Ecsery as a Director of the Company
5. To re-elect Irina Miklavchich as a Director of the Company.
6. To re-elect Andrew Robson as a Director of the Company.
7. To re-elect David Simpson as a Director of the Company.
8. To re-appoint Deloitte LLP as Independent Auditor of the Company and to authorise the Directors to determine
their remuneration for the year to 31 March 2027.
Special Business
As special business to consider and, if thought fit, pass the following Resolutions in the case of Resolutions 9, 11 and 12 as
Special Resolutions and, in the case of Resolution 10, as an Ordinary Resolution:
Authority to Make Market Purchases of Shares
9. THAT, the Directors of the Company be and are hereby generally and unconditionally authorised in accordance
with Section 701 of the Companies Act 2006 (the “Act”), but without prejudice to the exercise of any such authority
prior to the date of this resolution, to make market purchases (within the meaning of Section 693(4) of the Act) of
Ordinary shares of 25p each in the capital of the Company (“Ordinary shares”), and to cancel or hold these Ordinary
shares in treasury provided that:-
i. the maximum aggregate number of Ordinary shares hereby authorised to be purchased shall be an aggregate
of 6,478,133 Ordinary shares, being 14.99% of the issued Ordinary share capital of the Company (excluding
treasury shares) as at the date of approval of this notice or, if less, the number of shares representing 14.99% of
the total Ordinary shares in issue (excluding treasury shares) as at the date of passing of this resolution;
ii. the minimum price which may be paid for an Ordinary share is 25p (exclusive of expenses);
iii. the maximum price (exclusive of expenses) which may be paid for an Ordinary share shall be not more than the
higher of (i) 5% above the average market values of the shares taken from the Daily Official List of the London
Stock Exchange for the 5 business days before the purchase is made or that stipulated by Article 5(1) of the
Commission Regulation (EC) No. 2273/2003 and, (ii) the higher of the price of the last independent trade and
the highest current independent bid on the trading venue where the purchase is carried out; and
iv. unless renewed, the authority hereby conferred shall expire at the conclusion of the Annual General Meeting of
the Company in 2027 or on 30 September 2027, whichever is earlier, save that the Company may, prior to such
expiry, enter into a contract to purchase Ordinary shares which will or may be completed or executed wholly or
partly after the expiration of such authority and may make a purchase of Ordinary shares pursuant to any
such contract:
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Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Authority to Allot Shares
10. THAT, in substitution for any existing authority under Section 551 of the Companies Act 2006 (the “Act”), but without
prejudice to the exercise of any such authority prior to the date of this resolution, the Directors be and they are
hereby generally and unconditionally authorised, in accordance with Section 551 of the Companies Act 2006, to
allot equity securities (within the meaning of the Section 551 of the Act) up to an aggregate nominal amount of
£1,080,409 (or if less, the number representing 10% of the Company's issued Ordinary share capital in issue
(excluding treasury shares) as at the date of passing of this resolution) during the period expiring at the conclusion
of the Annual General Meeting of the Company in 2027 or on 30 September 2027, whichever is earlier, but so that
this authority shall allow the Company to make, before the expiry of this authority, offers or agreements which would
or might require relevant securities to be allotted after such expiry and notwithstanding such expiry, the Directors
may allot relevant securities in pursuance of any such offers or agreements.
Disapplication of Pre-emption Rights
11. THAT, subject to the passing of Resolution 10 above (“the Section 551 resolution”) and in substitution for any existing
authority under Sections 570 and 573 of the Companies Act 2006 (the “Act”) but without prejudice to the exercise of
any such authority prior to the date of this resolution, the Directors of the Company be and are hereby generally and
unconditionally authorised in accordance with Sections 570 and 573 of the Act to allot equity securities (within the
meaning of Section 560 of the Act) either pursuant to the Section 551 resolution or by way of a sale of treasury
shares, in each case for cash as if Section 561(1) of the Act did not apply to such allotment, provided that this power
shall be limited to the allotment of equity securities:
i. (otherwise than pursuant to sub-paragraph (ii) below) up to an aggregate nominal amount of £1,080,409 (or, if
less, the number representing 10% of the Company's issued Ordinary share capital, excluding treasury shares,
as at the date of passing of this resolution);
ii. in connection with or the subject of an offer or invitation, open for acceptance for a period fixed by the Directors,
to holders of Ordinary shares and such other equity securities of the Company as the Directors may determine
on the register of members on a fixed record date in proportion (as nearly as may be) to their respective
holdings of such securities, (but subject to such exclusions, limits or restrictions or other arrangements as the
Directors of the Company may consider necessary or appropriate to deal with treasury shares, fractional
entitlements, record dates or legal, regulatory or practical problems in or under the laws of, or requirements of,
any regulatory body or any stock exchange in any territory or otherwise howsoever); and
iii. at a price per Ordinary share which represents a premium to the prevailing NAV per Ordinary share from time
to time (as determined by the Directors and excluding treasury shares).
Such power shall expire at the conclusion of the Annual General Meeting of the Company in 2027 or on 30
September 2027, whichever is earlier, but so that this power shall enable the Company to make an offer or
agreement before such expiry which would or might require equity securities to be allotted after such expiry and the
Directors of the Company may allot equity securities in pursuance of any such offer or agreement as if such expiry
had not occurred.
104 Aberdeen New India Investment Trust PLC
Adoption of new Articles of Association
12. That the Articles of Association contained in the document produced to the meeting and signed by the Chairman
for the purposes of identification, be approved and adopted as the new Articles of Association of the Company in
substitution for, and to the exclusion of, the existing Articles of Association, with effect from the conclusion of the
Annual General Meeting.
By order of the Board
abrdn Holdings Limited
Company Secretary
Registered Office
280 Bishopsgate
London EC2M 4AG
17 June 2026
Notes
i. A shareholder entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend,
speak and vote instead of him/her or on his/her behalf at the Meeting. A proxy need not be a shareholder. The
shareholder may appoint more than one proxy, provided that each proxy is appointed to attend, speak and
vote in respect of a different share or shares. If you wish your proxy to speak on your behalf at the meeting, you
will need to appoint your own choice of proxy (not the Chairman of the meeting) and give instructions directly to
them. Appointing a proxy will not prevent a shareholder from attending in person and voting at the meeting. A
proxy form which may be used to make such appointment and give proxy instructions accompanies this notice.
If you do not have a proxy form and believe that you should, or if you would like to appoint more than one proxy,
please contact the Company's Registrars, Computershare Investor Services PLC, on 0370 707 1153. In the case
of joint holders, the vote of the first named in the register of members of the Company who tenders a vote,
whether in person or by proxy, shall be accepted to the exclusion of the votes of other joint holders.
ii. To be valid, the appointment of a proxy, and the original or duly certified copy of the power of attorney or other
authority, if any, under which it is signed or authenticated, should be sent to the Company’s Registrars,
Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol, BS99 6ZY so as to arrive not less
than 48 hours (excluding non-working days) before the time fixed for the Meeting.
iii. Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, the Company specifies that only
those shareholders registered in the register of members of the Company not later than 6.30pm on the date
two days (excluding non-working days) before the time fixed for the meeting (or, if the meeting is adjourned,
registered in the register of members not later than 6.30pm on the date two days (excluding non-working days)
before the time fixed for the adjourned meeting) shall be entitled to attend or vote at the meeting in respect of
the number of Ordinary shares registered in their name at that time. In each case, changes to entries on the
register of members of the Company after that time shall be disregarded in determining the rights of any
person to attend or vote at the meeting.
iv. Any shareholder holding 3% or more of the total voting rights of the Company who appoints a person other than
the Chairman of the meeting as their proxy will need to ensure that both he or she and their proxy comply with
their respective disclosure obligations under the UK Disclosure Guidance and Transparency Rules.
v. CREST members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment
service may do so for the meeting and any adjournment(s) thereof by utilising the procedures described in the
CREST Manual. CREST personal members or other CREST sponsored members, and those CREST members
who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service
provider(s), who will be able to take the appropriate action on their behalf.
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Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
vi. In order for a proxy appointment made by means of CREST to be valid, the appropriate CREST message (a
“CREST Proxy Instruction”) must be properly authenticated in accordance with Euroclear UK & Ireland Limited's
(“EUI”) specifications and must contain the information required for such instructions, as described in the CREST
Manual. The message must be transmitted so as to be received by the issuer's agent (3RA50) no later than 48
hours before the time of the meeting or any adjournment. For this purpose, the time of receipt will be taken to be
the time (as determined by the timestamp applied to the message by the CREST Applications Host) from which
the issuer's agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST.
vii. CREST members and, where applicable, their CREST sponsors or voting service providers should note that EUI
does not make available special procedures in CREST for any particular messages. Normal system timings and
limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the
CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored
member or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service
provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the
CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST
sponsors or voting service providers are referred, in particular, to those sections of the CREST Manual
concerning practical limitations of the CREST system and timings.
viii. The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a)
of the Uncertificated Securities Regulations 2001.
ix. In order to facilitate voting by corporate representatives at the Meeting, arrangements will be put in place at the
meeting so that (i) if a corporate shareholder has appointed the Chairman of the meeting as its corporate
representative to vote on a poll in accordance with the directions of all of the other corporate representatives
for that shareholder at the meeting then, on a poll, those corporate representatives will give voting directions to
the Chairman and the Chairman will vote (or withhold a vote) as corporate representative in accordance with
those directions; and (ii) if more than one corporate representative for the same corporate shareholder attends
the meeting but the corporate shareholder has not appointed the Chairman of the meeting as its corporate
representative, a designated corporate representative will be nominated from those corporate representatives
who attend, who will vote on a poll, and the other corporate representatives will give voting directions to that
designated corporate representative. Corporate shareholders are referred to the guidance issued by the
Institute of Chartered Secretaries and Administrators on proxies and corporate representatives (icsa.org.uk), for
further details of this procedure. The guidance includes a sample form of representation letter if the Chairman is
being appointed as described in (i) above.
x. A person to whom this notice is sent who is a person nominated under Section 146 of the Companies Act 2006 to
enjoy information rights (a "Nominated Person") may, under an agreement between him/her and the
shareholder by whom he/she was nominated, have a right to be appointed (or to have someone else
appointed) as a proxy for the Meeting. If a Nominated Person has no such proxy appointment right or does not
wish to exercise it, he/she may, under any such agreement, have a right to give instructions to the shareholder
as to the exercise of voting rights. The statements of the rights of members in relation to the appointment of
proxies in Notes (i) and (ii) above do not apply to a Nominated Person. The rights described in those Notes can
only be exercised by registered members of the Company.
xi. The terms of appointment of the Directors of the Company are available for inspection on any day (except
Saturdays, Sundays and bank holidays) from the date of this notice of until the date of the meeting during usual
business hours at the registered office of the Company and will, on the date of the Meeting, be available for
inspection at the venue of the Meeting for 15 minutes prior to, and at, the Meeting.
xii. Shareholders are advised that, unless otherwise stated, any telephone number, website or email address which
may be set out in this notice of Annual General Meeting or in any related documents (including the proxy form)
is not to be used for the purposes of serving information or documents on, or otherwise communicating with, the
Company for any purposes other than those expressly stated.
106 Aberdeen New India Investment Trust PLC
xiii. Following the Meeting, the results of the voting at the meeting and the numbers of proxy votes cast for and
against and the number of votes actively withheld in respect of each of the resolutions will be announced via a
Regulatory Information Service and placed on the Company’s website: aberdeennewindia.co.uk
xiv. Further information regarding the meeting is available from: aberdeennewindia.co.uk
xv. Under Section 338 of the Companies Act 2006, members may require the Company to give to members of the
Company entitled to receive this notice of meeting, notice of a resolution which may properly be moved and is
intended to be moved at the meeting. Under Section 338A of that Act, members may request the Company to
include in the business to be dealt with at the meeting any matter (other than a proposed resolution) which may
properly be included in the business.
xvi. It is possible that, pursuant to requests made by members of the Company under Section 527 of the Companies
Act 2006, the Company may be required to publish on a website a statement setting out any matter relating to:
(i) the audit of the Company’s accounts (including the auditor’s report and the conduct of the audit) that are to
be laid before the meeting: or (ii) any circumstances connected with an auditor of the Company ceasing to hold
office since the previous meeting at which annual accounts and reports were laid in accordance with Section
437 of the Companies Act 2006. The Company may not require the members requesting any such website
publication to pay its expenses in complying with Sections 527 or 528 of the Companies Act 2006. Where the
Company is required to place a statement on a website under Section 527 of the Companies Act 2006, it must
forward the statement to the Company’s auditor not later than the time when it makes the statement available
on the website. The business which may be dealt with at the meeting includes any statement that the Company
has been required under Section 527 of the Companies Act 2006 to publish on a website.
xvii. As at 16 June 2026 (being the last practicable date prior to publication of this notice) the Company’s issued
share capital comprised 43,216,367 Ordinary shares of 25p each with voting rights and 15,853,773 shares in
treasury. Each Ordinary share carries the right to one vote at a general meeting of the Company. Accordingly,
the total number of voting rights in the Company was 43,216,367 as at 16 June 2026.
xviii. If the law or Government guidance so requires at the time of the meeting, the Chairman will limit, in his sole
discretion, the number of individuals in physical attendance at the meeting in order to ensure the safety of those
attending the meeting.
xix. A copy of the current Articles of Association of the Company, and the amendments to the Company's Articles of
Association proposed by the New Articles, will be available for inspection at the registered office at the
Company during normal business hours (Saturdays, Sundays and public holidays excepted) and for at least 15
minutes before and during the Annual General Meeting at the registered office of the Company at 280
Bishopsgate, London, England, EC2M 4AG, and at the offices of Aberdeen Group plc, 18 Bishops Square, London,
E1 6EG, being the place of the Annual General Meeting. The proposed New Articles will also be available for
inspection, from the date of this document, on the Company's website and on the National Storage Mechanism
located at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action you should take, you are
recommended to seek your own financial advice from your stockbroker, bank manager, solicitor, accountant or other financial adviser authorised under
the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2012) if you are in the United Kingdom or, if not, from another
appropriately authorised financial adviser. If you have sold or otherwise transferred all your Ordinary shares in Aberdeen New India Investment Trust PLC,
please forward this document, together with any accompanying documents, immediately to the purchaser or transferee, or to the stockbroker, bank or
agent through whom the sale or transfer was effected for onward transmission.
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Aberdeen New India Investment Trust PLC 107
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Aberdeen or Aberdeen Group plc
Aberdeen Group plc, which is a company whose shares
are admitted to listing on the London Stock Exchange.
AIC
The Association of Investment Companies.
Alternative Investment Fund Managers
Directive or AIFMD
The Alternative Investment Fund Managers Directive is
European legislation which created a European-wide
framework for regulating managers of alternative
investment funds. It is designed to regulate any fund which
is not a UCITS fund and which is managed and/or
marketed in the EU. The Company has been designated
as an alternative investment fund which is subject to the
Alternative Investment Fund Managers Directive.
Alternative Performance Measures
Alternative performance measures are numerical
measures of the Company’s current, historical or future
performance, financial position or cash flows, other than
financial measures defined or specified in the applicable
financial framework. The Company’s applicable financial
framework includes IFRS and the AIC SORP.
Benchmark
MSCI India Index (sterling adjusted).
Company
Aberdeen New India Investment Trust PLC
Discount
The amount by which the market price per share of an
investment trust is lower than the NAV per share. The
discount is normally expressed as a percentage of the
NAV per share.
Investment Manager
abrdn Asia Limited, a wholly owned subsidiary
of Aberdeen.
Key Performance Indicator or KPI
In accordance with the Companies Act 2026, the
Strategic Report section of the Annual Report requires
to contain Key Performance Indicators. These are
factors by reference to which the development,
performance or position of the business of the
Company can be measured.
Manager
abrdn Fund Managers Limited, a wholly owned subsidiary
of Aberdeen Group plc, has been appointed as the
alternative investment fund manager of the Company.
The Manager is authorised and regulated by the Financial
Conduct Authority.
Leverage
For the purposes of the Alternative Investment Fund
Managers Directive, leverage is any method which
increases the Company’s exposure, including the
borrowing of cash and the use of derivatives. It is
expressed as a ratio between the Company’s exposure
and its NAV and can be calculated on a gross and a
commitment method. Under the gross method, exposure
represents the sum of the Company’s positions after the
deduction of Sterling cash balances, without taking into
account any hedging and netting arrangements. Under
the commitment method, exposure is calculated without
the deduction of Sterling cash balances and after
certain hedging and netting positions are offset against
each other.
Net Asset Value/NAV/Adjusted NAV
The value of total assets less liabilities. Liabilities for this
purpose include current and long-term liabilities. The net
asset value divided by the number of shares presently in
issue produces the basic net asset value per share.
The Adjusted NAV is the Company’s NAV after adding
back all Indian capital gains tax paid or accrued in respect
of realised and unrealised gains made on investments.
Net Gearing/(Cash)
Net gearing/(cash) is calculated by dividing total assets
(as defined below) less cash or cash equivalents by
shareholders’ funds expressed as a percentage. This is in
accordance with the AIC guidance “Gearing Disclosures
post RDR”.
Ongoing Charges
Ratio of expenses as a percentage of average daily
shareholders’ funds calculated as per the AIC’s industry
standard method.
Premium
The amount by which the market price per share of an
investment trust exceeds the NAV per share. The premium
is normally expressed as a percentage of the NAV
per share.
Glossary of Terms
108 Aberdeen New India Investment Trust PLC
Price/Earnings or PE Ratio
The ratio is calculated by dividing the middle-market price
per share by the earnings per share. The calculation
assumes no change in earnings but in practice the
multiple reflects the stock market’s view of a company’s
prospects and profit growth potential.
PRIIPs
Packaged retail and insurance-based investment
products marketed to retail investors which are subject to
investment risk.
Prior Charges
The name given to all borrowings including debentures,
loan and short term loans and overdrafts that are to be
used for investment purposes, reciprocal foreign currency
loans, currency facilities to the extent that they are drawn
down, index-linked securities, and all types of preference
or preferred capital and the income shares of split capital
trusts, irrespective of the time until repayment.
Total Assets
Total assets as per the balance sheet less current liabilities
and the deferred tax liability on Indian capital (before
deducting prior charges as defined above).
Total Return
NAV total return involves investing the dividend in the NAV
of the Company on the date on which that dividend goes
ex-dividend. Share price total return involves reinvesting
the dividend in the share price of the Company on the
date on which that dividend goes ex-dividend
Glossary of Terms
Continued
“Favourable demographics, ongoing policy
reform, rising aspirational consumption,
infrastructure development and urbanisation,
accelerating digital adoption, and progress in
energy transition all support our continued
confidence in India’s growth story.”
David Simpson, Chairman
“The portfolio continues to own high-quality stocks.
While style rotation and market crosswinds have
weighed on returns over the year, the
underlying strength remains intact.”
James Thom and Rita Tahilramani
abrdn Asia Limited, Investment Manager
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Aberdeen New India Investment Trust PLC 109
Directors
David Simpson (Chairman)
Andrew Robson (Chairman of the Audit Committee and
Senior Independent Director)
Irina Miklavchich (Chair of the Management Engagement
Committee)
Francesca Ecsery
Company Secretaries
abrdn Holdings Limited
1 George Street
Edinburgh EH2 2LL
Registered Office and Company Number
Aberdeen New India Investment Trust PLC
280 Bishopsgate
London EC2M 4AG
Registered in England & Wales under company
number 02902424
Website
aberdeennewindia.co.uk
LinkedIn: Aberdeen New India Investment Trust PLC
Points of Contact
The Chairman or Company Secretaries at the
Registered Office of the Company.
Email: new.india@aberdeenplc.com
Legal Entity Identifier
549300D2AW66WYEVKF02
United States Internal Revenue Service
FATCA Registration Number (“GIIN”)
U2I09D.99999.SL.826
Alternative Investment Fund Manager
abrdn Fund Managers Limited
280 Bishopsgate
London EC2M 4AG
Authorised and regulated by the Financial Conduct
Authority
Investment Manager
abrdn Asia Limited
7 Straits View
#23-04 East Tower
Marina One
Singapore 018936
Registrars (for direct shareholders)
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
Telephone: 0370 707 1153
(Lines are open Monday to Friday from 8.30am – 5.30pm,
excluding public holidays in England & Wales. Charges for
‘03’ numbers are determined by the caller’s service
provider. Calls may be recorded and monitored randomly
for security and training purposes.)
Website: uk.computershare.com/investor
E-mail is available via the website
Independent Auditor
Deloitte LLP
9 Haymarket Square
Edinburgh EH3 8RY
Depositary
BNP Paribas SA, London Branch
10 Harewood Avenue
London NW1 6AA
Additional Shareholder Information
aberdeennewindia.co.uk
Aberdeen New India
Investment Trust PLC
(formerly abrdn New India Investment Trust plc)
Seeking world-class, well governed companies
at the heart of India’s growth
Annual Report
31 March 2026
For more information visit aberdeennewindia.co.uk
aberdeenplc.com
Aberdeen New India Investment Trust PLC Annual Report 31 March 2026